Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31, 2019, assuming that there were no other manufacturing overhead items than those listed above. Do not use negative signs with any of your answers. Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2019 Direct material: Beginning materials inventory Cost of material available Less: Total materials used Less: Direct materials used Direct labor Manufacturing overhead Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Total manufacturing overhead Total manufacturing costs for the year Add: Total cost of work in process during the year Less: Cost of goods manufactured Add: Cost of goods available for sale Less: Cost of goods sold → + + ◆ ◆ + ♦ $ 0 0 0 0 0 0 0 0 0 0 0 $ $ 0 0 0 0 0 0 0 0 0 0 0 0

Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31, 2019, assuming that there were no other manufacturing overhead items than those listed above. Do not use negative signs with any of your answers. Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2019 Direct material: Beginning materials inventory Cost of material available Less: Total materials used Less: Direct materials used Direct labor Manufacturing overhead Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Total manufacturing overhead Total manufacturing costs for the year Add: Total cost of work in process during the year Less: Cost of goods manufactured Add: Cost of goods available for sale Less: Cost of goods sold → + + ◆ ◆ + ♦ $ 0 0 0 0 0 0 0 0 0 0 0 $ $ 0 0 0 0 0 0 0 0 0 0 0 0

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

See similar textbooks

Similar questions

Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: a. Prepare a cost of goods manufactured statement for March. b. Determine the cost of goods sold for March.
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Inventory Costing and LCM Ortman Enterprises sells a chemical used in various manufacturing processes. On January 1, 2019, Ortman had 5,000,000 gallons on hand, for which it had paid $0.50 per gallon. During 2019, Ortman made the following purchases: During 2019, Ortman sold 65 000,000 gallons at $0.75 per gallon (35,000,000 gallons were sold on June 29 and 30,000,000 gallons were sold on Nov. 22), leaving an ending inventory of 7,000,000 gallons. Assume that Ortman uses a perpetual inventory system. Ortman uses the lower of cost or market for its inventories, as required by generally accepted accounting principles. Required: 1. Assume that the market value of the chemical is $0.76 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. Assume that the market value of the chemical is $0.58 per gallon on December 31, 2019. Compute the cost of ending inventory using the FIFO and average cost methods, and then apply LCM. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
Cost of direct materials used in production for a manufacturing company Walker Manufacturing Company reported the following materials data for the month ending June 30: Determine the cost of direct materials used in production by Walker during the month ended June 30.
LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory.
Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
Using first-in, first-out perpetual inventory costing and the following information, determine the cost of materials used and the cost of the July 31 inventory: