Question : 177 From the account balances listed below, prepare a schedule of : 1311599

 

177

From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2013.

 

Account Balances

Finished Goods Inventory, December 31$42,000

Factory Supervisory Salaries12,000

Income Tax Expense18,000

Raw Materials Inventory, December 112,000

Work In Process Inventory, December 3115,000

Sales Salaries Expense14,000

Factory Depreciation Expense8,000

Finished Goods Inventory, December 135,000

Raw Materials Purchases95,000

Work In Process Inventory, December 120,000

Factory Utilities Expense6,000

Direct Labor70,000

Raw Materials Inventory, December 3119,000

Sales Returns and Allowances5,000

Indirect Labor21,000

178

Rabid Manufacturing Company has the following data:

Direct labor$140,000

Direct materials used151,000

Total manufacturing overhead208,000

Beginning work in process26,000

Instructions

Compute (a) total manufacturing costs and (b) total cost of work in process.

179

The following costs and inventory data were taken from the accounts of Simon Company for 2012:

January 1, 2013December 31, 2013

Inventories:              Raw materials              $  8,000              $  7,000                            Work in process              15,000              13,000                            Finished goods              16,000              12,000

Costs incurred:              Raw materials purchases              $93,000                            Direct labor              42,000                            Factory rent              8,000                            Factory utilities              10,000                            Indirect materials              4,000                            Indirect labor              9,000                            Operating expenses              17,000

Instructions

a.Prepare a schedule showing the amount of direct materials used in production during the year.

b.Compute the amount of manufacturing overhead incurred during the year.

c.Prepare a schedule of Cost of Goods Manufactured for Simon Company for the year ended December 31, 2013 in good form.

Ex. 179.(Cont.)

d.Prepare the Cost of Goods Sold section of the Income Statement for Simon Company for the year ended December 31, 2013 in good form.

180

Manufacturing costs for Carson Company for selected months are as follows:

April                                  July   October

Beginning work in process$  80,000(f)$ 98,000

Direct materials used280,000$190,000155,000

Direct labor195,000170,000(j)

Manufacturing overhead(a)150,00090,000

Total manufacturing costs890,000510,000450,000

Total cost of work in process(b)640,000(k)

Ending work in process75,000(g)(l)

Cost of goods manufactured(c)525,000385,000

Beginning finished goods(d)38,000(m)

Cost of goods available for sale960,000(h)480,000

Ending finished goods(e)75,000(n)

Cost of goods sold820,000(i)355,000

 

Instructions

Indicate the missing amounts. (Show computations.)

 

 

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