The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: End of year Beginning of year Inventory accounts Materials $126,000 $222,000 Work in pRogress 109,000 75,000 Finished goods inventory 325,000 238,000 The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activites are as follows: Debit entries Credit entries Account Materials Inventory $2,410,000 $? Direct Labor 1,189,000 992,000 Manufacturing Overhead 893,600 893,600 Work in process inventory ? ? Finished goods inventory ? ? A. Using this data, state or compute for the year the following amounts. Direct materials purchased Direct materials used Payments of direct labor payrolls Direct labor cost assigned to production Total manufacutring costs charged to the work inprocess inventory account during the year Total cost of finished goods manufactured Cost of goods sold Total amount to be classified as inventory in the year end balance sheet B. Prepare a schedule of the cost of finished goods manufactured.
The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: End of year Beginning of year Inventory accounts Materials $126,000 $222,000 Work in pRogress 109,000 75,000 Finished goods inventory 325,000 238,000 The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activites are as follows: Debit entries Credit entries Account Materials Inventory $2,410,000 $? Direct Labor 1,189,000 992,000 Manufacturing Overhead 893,600 893,600 Work in process inventory ? ? Finished goods inventory ? ? A. Using this data, state or compute for the year the following amounts. Direct materials purchased Direct materials used Payments of direct labor payrolls Direct labor cost assigned to production Total manufacutring costs charged to the work inprocess inventory account during the year Total cost of finished goods manufactured Cost of goods sold Total amount to be classified as inventory in the year end balance sheet B. Prepare a schedule of the cost of finished goods manufactured.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows:
End of year | Beginning of year | |
Inventory accounts | ||
Materials | $126,000 | $222,000 |
Work in pRogress | 109,000 | 75,000 |
Finished goods inventory | 325,000 | 238,000 |
The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activites are as follows:
Debit entries | Credit entries | |
Account | ||
Materials Inventory | $2,410,000 | $? |
Direct Labor |
1,189,000 | 992,000 |
Manufacturing |
893,600 | 893,600 |
Work in process inventory | ? | ? |
Finished goods inventory | ? | ? |
A. Using this data, state or compute for the year the following amounts.
Direct materials purchased | |
Direct materials used | |
Payments of direct labor payrolls |
|
Direct labor cost assigned to production | |
Total manufacutring costs charged to the work inprocess inventory account during the year | |
Total cost of finished goods manufactured | |
Cost of goods sold | |
Total amount to be classified as inventory in the year end balance sheet |
B. Prepare a schedule of the cost of finished goods manufactured.
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