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.)
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more