Problem: Below are the following balances of accounts as of December 31, 2020: Inventory: Beginning Ending Direct materials 770,000 930,000 Work in process 380,000 265,000 Finished goods 890,000 590,000 Purchases of equipment parts and supplies 402,000 Purchases 1,358,000 Purchase Returns and Allowance 58,000 Freight - in 86,000 Direct labor cost 1,468,000 29,360 Direct labor hours hours Factory overhead rate per direct labor hour 18.00 Selling expenses 210,000 Administrative expenses 308,000 Sales 3,450,000 Sales Discount 164,000
Problem: Below are the following balances of accounts as of December 31, 2020: Inventory: Beginning Ending Direct materials 770,000 930,000 Work in process 380,000 265,000 Finished goods 890,000 590,000 Purchases of equipment parts and supplies 402,000 Purchases 1,358,000 Purchase Returns and Allowance 58,000 Freight - in 86,000 Direct labor cost 1,468,000 29,360 Direct labor hours hours Factory overhead rate per direct labor hour 18.00 Selling expenses 210,000 Administrative expenses 308,000 Sales 3,450,000 Sales Discount 164,000
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...
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