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Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company: Administrative salaries (non-factory) $255,000 Administrative rent (non-factory) 141,000 Advertising and promotion expense 279,000 Depreciation-administrative 231,000 Depreciation-factory Depreciation-selling 285,000 108,000 Direct labor 975,000 Factory rent 204,000 Factory supplies used 69,000 Finished goods inventory (January 1) 183,000 Finished goods inventory (December 31) 189,000 Indirect material used 81,000 Indirect labor 132,000 Materials inventory (January 1) 66,000 Materials inventory (December 31) 90,000 Net delivered cost of materials purchased 630,000 Other factory overhead 165,000 Sales 2,814,000 Sales salaries expense 213,000 Work in process inventory (January 1) 99,000 Work in process inventory (December 31) 87,000 Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers.

Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company: Administrative salaries (non-factory) $255,000 Administrative rent (non-factory) 141,000 Advertising and promotion expense 279,000 Depreciation-administrative 231,000 Depreciation-factory Depreciation-selling 285,000 108,000 Direct labor 975,000 Factory rent 204,000 Factory supplies used 69,000 Finished goods inventory (January 1) 183,000 Finished goods inventory (December 31) 189,000 Indirect material used 81,000 Indirect labor 132,000 Materials inventory (January 1) 66,000 Materials inventory (December 31) 90,000 Net delivered cost of materials purchased 630,000 Other factory overhead 165,000 Sales 2,814,000 Sales salaries expense 213,000 Work in process inventory (January 1) 99,000 Work in process inventory (December 31) 87,000 Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers.

Managerial Accounting: The Cornerstone of Business Decision-Making
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 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...
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Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company: Administrative salaries (non-factory) $255,000 Administrative rent (non-factory) 141,000 Advertising and promotion expense 279,000 Depreciation-administrative 231,000 Depreciation-factory 285,000 Depreciation-selling 108,000 Direct labor 975,000 Factory rent 204,000 Factory supplies used Finished goods inventory (January 1) 69,000 183,000 Finished goods inventory (December 31) 189,000 Indirect material used 81,000 Indirect labor 132,000 Materials inventory (January 1). 66,000 Materials inventory (December 31) 90,000 Net delivered cost of materials purchased 630,000 Other factory overhead 165,000 2,814,000 Sales Sales salaries expense 213,000 Work in process inventory (January 1) 99,000 Work in process inventory (December 31) 87,000 Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers. Bishop Manufacturing Company Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material:. $1 Beginning materials inventory
Transcribed Image Text:Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company: Administrative salaries (non-factory) $255,000 Administrative rent (non-factory) 141,000 Advertising and promotion expense 279,000 Depreciation-administrative 231,000 Depreciation-factory 285,000 Depreciation-selling 108,000 Direct labor 975,000 Factory rent 204,000 Factory supplies used Finished goods inventory (January 1) 69,000 183,000 Finished goods inventory (December 31) 189,000 Indirect material used 81,000 Indirect labor 132,000 Materials inventory (January 1). 66,000 Materials inventory (December 31) 90,000 Net delivered cost of materials purchased 630,000 Other factory overhead 165,000 2,814,000 Sales Sales salaries expense 213,000 Work in process inventory (January 1) 99,000 Work in process inventory (December 31) 87,000 Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers. Bishop Manufacturing Company Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material:. $1 Beginning materials inventory
Using the above data, prepare a schedule of cost of goods manufactured and sold, Do not use negative signs with any of your answers. Bishop Manufacturing Company Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory 24 Cost of material available Less: Total materials used Less: Direct material used Direct labor Manufacturing overhead Indirect material Indirect labor Factory supplies used Factory rent Total manufactturing 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
Transcribed Image Text:Using the above data, prepare a schedule of cost of goods manufactured and sold, Do not use negative signs with any of your answers. Bishop Manufacturing Company Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory 24 Cost of material available Less: Total materials used Less: Direct material used Direct labor Manufacturing overhead Indirect material Indirect labor Factory supplies used Factory rent Total manufactturing 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
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