Answered: Given the following selected account…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 53P: Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures...

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Given the following selected account balances of Delray Mfg., prepare its schedule of cost of goods
manufactured for the current year ended December 31. Include a listing of the individual overhead account
balances in this schedule. Sales . $1,250,000
Raw materials inventory, beginning 37,000
Work in process inventory, beginning . 53,900
Finished goods inventory, beginning 62,750
Raw materials purchases . 175,600
Direct labor . 225,000
Factory supplies used (indirect materials) . 17,840
Indirect labor 47,000
Repairs—Factory equipment . $ 5,250
Rent cost of factory building 57,000
Advertising expense 94,000
General and administrative expenses . 129,300
Raw materials inventory, ending . 42,700
Work in process inventory, ending 41,500
Finished goods inventory, ending . 67,300

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