Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:1(Clickthe icon to view account balances.) 2(Clickthe icon to view other information.) First, compute cost of goods manufactured. Schedule of Cost of Goods ManufacturedBeginning Work-in-Process Inventory $42,000Direct Materials Used: Beginning Direct Materials$21,000 Purchases of Direct Materials 78,000 Direct Materials Available for Use99,000 Ending Direct Materials(33,000) Direct Materials Used $66,000 Direct Labor 81,000 Manufacturing Overhead 41,000 Total Manufacturing Costs Incurred during the Year 188,000 Total Manufacturing Costs to Account For 230,000 Ending Work-in-Process Inventory (29,000)Cost of Goods Manufactured $201,000 Now compute cost of goods sold. Cost of Goods Sold(1) Cost of Goods Manufactured Cost of Goods Available for Sale (2) Cost of Goods Sold 1: Data TableBalances:BeginningEndingDirect Materials$21,000$33,000Work-in-Process Inventory42,00029,000Finished Goods Inventory14,00026,0002: Data TableOther information: Purchases of direct materials$78,000Direct labor81,000Manufacturing overhead41,000(1) Beginning Direct Materials Beginning Finished Goods Inventory Beginning Work-in-Process Inventory Direct Labor Direct Materials Available for Use Ending Direct Materials Ending Finished Goods Inventory Ending Work-in-Process Inventory Gross Margin Manufacturing Overhead Purchases of Direct Materials Total Operating Costs(2) Beginning Direct Materials Beginning Finished Goods Inventory Beginning Work-in-Process Inventory Direct Labor Direct Materials Available for Use Ending Direct Materials Ending Finished Goods Inventory Ending Work-in-Process Inventory Gross Margin Manufacturing Overhead Purchases of Direct Materials Total Operating CostsYOU ANSWERED:Beginning Work-in-Process Inventory 42,000Direct Materials Used: Beginning Direct Materials21,000 Ending Direct Materials78,000 Direct Materials Available for Use99,000 Ending Direct Materials33,000 Direct Materials Used 78,000 Direct Labor 81,000 Manufacturing Overhead 41,000 Total Manufacturing Costs Incurred during the Year 210,000Total Manufacturing Costs to Account For 252,000Ending Work-in-Process Inventory 29,000Cost of Goods Manufactured 231,000

Every Business enterprise aims to determine their cost incurred on manufacturing the goods &…

Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: 1(Click the icon to view account balances.) 2(Click the icon to view other information.) First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory $42,000 Direct Materials Used: Beginning Direct Materials $21,000 Purchases of Direct Materials 78,000 Direct Materials Available for Use 99,000 Ending Direct Materials (33,000) Direct Materials Used $66,000 Direct Labor 81,000 Manufacturing Overhead 41,000 Total Manufacturing Costs Incurred during the Year 188,000 Total Manufacturing Costs to Account For 230,000 Ending Work-in-Process Inventory (29,000) Cost of Goods Manufactured $201,000 Now compute cost of goods sold. Cost of Goods Sold (1) Cost of Goods Manufactured Cost of Goods Available for Sale (2) Cost of Goods Sold 1: Data Table Balances: Beginning Ending Direct Materials $21,000 $33,000 Work-in-Process Inventory 42,000 29,000 Finished Goods Inventory 14,000 26,000 2: Data Table Other information: Purchases of direct materials $78,000 Direct labor 81,000 Manufacturing overhead 41,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:

1(Click

the icon to view account balances.)

2(Click

the icon to view other information.)

First, compute cost of goods manufactured.

Schedule of Cost of Goods Manufactured

Beginning Work-in-Process Inventory			$42,000
Direct Materials Used:
	Beginning Direct Materials	$21,000
	Purchases of Direct Materials	78,000
	Direct Materials Available for Use	99,000
	Ending Direct Materials	(33,000)
Direct Materials Used		$66,000
Direct Labor		81,000
Manufacturing Overhead		41,000
Total Manufacturing Costs Incurred during the Year			188,000
Total Manufacturing Costs to Account For			230,000
Ending Work-in-Process Inventory			(29,000)
Cost of Goods Manufactured			$201,000

Now compute cost of goods sold.

Cost of Goods Sold

(1)
Cost of Goods Manufactured
Cost of Goods Available for Sale
(2)
Cost of Goods Sold

1: Data Table

Balances:	Beginning	Ending
Direct Materials	$21,000	$33,000
Work-in-Process Inventory	42,000	29,000
Finished Goods Inventory	14,000	26,000

2: Data Table

Other information:
Purchases of direct materials	$78,000
Direct labor	81,000
Manufacturing overhead	41,000

(1)

Beginning Direct Materials

Beginning Finished Goods Inventory

Beginning Work-in-Process Inventory

Direct Labor

Direct Materials Available for Use

Ending Direct Materials

Ending Finished Goods Inventory

Ending Work-in-Process Inventory

Gross Margin

Manufacturing Overhead

Purchases of Direct Materials

Total Operating Costs

(2)

Beginning Direct Materials

Beginning Finished Goods Inventory

Beginning Work-in-Process Inventory

Direct Labor

Direct Materials Available for Use

Ending Direct Materials

Ending Finished Goods Inventory

Ending Work-in-Process Inventory

Gross Margin

Manufacturing Overhead

Purchases of Direct Materials

Total Operating Costs

YOU ANSWERED:

Beginning Work-in-Process Inventory			42,000
Direct Materials Used:
	Beginning Direct Materials	21,000
	Ending Direct Materials	78,000
	Direct Materials Available for Use	99,000
	Ending Direct Materials	33,000
Direct Materials Used		78,000
Direct Labor		81,000
Manufacturing Overhead		41,000
Total Manufacturing Costs Incurred during the Year			210,000
Total Manufacturing Costs to Account For			252,000
Ending Work-in-Process Inventory			29,000
Cost of Goods Manufactured			231,000

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.