Please do not give solution in image format thanku Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 3-2, 3-4, 3-6)[The following information applies to the questions displayed below.]Crunchem Cereal Company incurred the following actual costs during 20x1.Direct material usedDirect laborManufacturing overheadThe firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were asfollows:Raw materialWork in processFinished goods$290,000130,000273,000Exercise 3-30 Part 2Each of these inventory balances was 10 percent higher at the end of the year.$28,00039,00045,000Cost of goods sold2. What was the cost of goods sold for the year? sRequired:1. Prepare a schedule of cost of goods manufactured for 20x1.CRUNCHEM CEREAL COMPANYSchedule of Cost of Goods ManufacturedFor the Year Ended December 31, 20x1Direct material:Raw-material inventory, January 1Add: Purchases of raw materialRaw material available for useLess: Raw-material inventory, December 31Raw material usedDirect laborManufacturing overheadTotal manufacturing costsAdd: Work-in-process inventory, January 1SubtotalLess: Work-in-process inventory, December 31Cost of goods manufactured$$

Cost of goods manufactured is the total cost transferred from work in process inventory to finished…

Answered: Exercise 3-30 Schedule of Cost of Goods…

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 15.9EX: Classifying costs The following is a manufacturing cost report of Marching Ants Inc. Evaluate and...

See similar textbooks

Similar questions

Construct and interpret a product profitability report, allocating selling and administrative expenses Naper Inc. manufactures power equipment. Naper has two primary productsgenerators and air compressors. The following report was prepared by the controller for Napers senior marketing management for the year ended December 31: Generators Air Compressors Total Revenue 4,200,000 3,000,000 7,200,000 Cost of goods sold 2,940,000 2,100,000 5,040,000 Gross profit 1,260,000 900,000 2,160,000 Selling and administrative expenses 610,000 Income from operations 1,550,000 The marketing management team was concerned that the selling and administrative expenses were not traced to the products. Marketing management believed that some products consumed larger amounts of selling and administrative expense than did other products. To verify this, the controller was asked to prepare a complete product profitability report, using activity-based costing. The controller determined that selling and administrative expenses consisted of two activities: sales order processing and post-sale customer service. The controller was able to determine the activity base and activity rate for each activity, as follows: Activity Activity Base Activity Rate Sales order processing Sales orders 65 per sales order Post-sale customer service Service requests 200 per customer service request The controller determined the following activity-base usage information about each product: Generators Air Compressors Number of sales orders 3,000 4,000 Number of service requests 225 550 A. Determine the activity cost of each product for sales order processing and post-sale customer service activities. B. Use the information in (A) to prepare a complete product profitability report dated for the year ended December 31. Compute the gross profit to sales and the income from operations to sales percentages for each product. (Round to two decimal places.) C. Interpret the product profitability report. How should management respond to the report?
Classifying costs The following is a manufacturing cost report of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including 56,200 of indirect materials) 607,500 Direct labor (including 84,400 maintenance salaries) 62,500 Factory overhead: Supervisor salariesplant 517,500 Heat, light, and power-plant 140,650 Sales salaries 348,750 Promotional expenses 315,000 Insurance and property taxesplant 151,900 Insurance and property taxescorporate offices 219,400 Depreciationplant and equipment 123,750 Depreciationcorporate offices 90,000 3,076,950

Recommended textbooks for you

Financial & Managerial Accounting

Accounting

ISBN:

9781337119207

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Financial & Managerial Accounting

Accounting

ISBN:

9781337119207

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS