The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $52,600 Factory Insurance $5,700 Raw Materials Inventory 6/30/20 49,400 Factory Machinery Depreciation 18,100 Finished Goods Inventory 7/1/19 99,400 Factory Utilities 29,900 Finished Goods Inventory 6/30/20 24,300 Office Utilities Expense 8,750 Work in Process Inventory 7/1/19 21,200 Sales Revenue 562,600 Work in Process Inventory 6/30/20 23,200 Sales Discounts 4,400 Direct Labor 142,650 Plant Manager's Salary 62,400 Indirect Labor 24,960 Factory Property Taxes 9,910 Accounts Receivable 31,400 Factory Repairs 1,600 Raw Materials Purchases 97,600 Cash 39,100

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $52,600 Factory Insurance $5,700 Raw Materials Inventory 6/30/20 49,400 Factory Machinery Depreciation 18,100 Finished Goods Inventory 7/1/19 99,400 Factory Utilities 29,900 Finished Goods Inventory 6/30/20 24,300 Office Utilities Expense 8,750 Work in Process Inventory 7/1/19 21,200 Sales Revenue 562,600 Work in Process Inventory 6/30/20 23,200 Sales Discounts 4,400 Direct Labor 142,650 Plant Manager's Salary 62,400 Indirect Labor 24,960 Factory Property Taxes 9,910 Accounts Receivable 31,400 Factory Repairs 1,600 Raw Materials Purchases 97,600 Cash 39,100

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PB: Statement of cost of goods manufactured and income statement for a manufacturing company The...

See similar textbooks

Similar questions

Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Freeman Furnishings has summarized its data as shown: Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
Which of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expenses
Which of the following is a prime cost? A. indirect materials B. direct labor C. administrative expenses D. factory depreciation expenses
Describe the Source 01 the data for increasing Work in Process for (a) direct materials, (b) direct labor, and (c) factory overhead
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $19,000; direct labor, $6,000; manufacturingoverhead, $21,000; beginning Work-in-Process Inventory, $14,800; and ending Work-in-Process Inventory, $8,000. Cost of Goods Manufactured Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during Period Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirement 3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 1,100 units were manufactured. ÷ = Unit product cost ÷ = Requirement 4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $45 each. Ending Finished Goods Inventory has 250 units left.…
a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period. $ 2. Cost of units transferred to finished goods during the period. $ 3. Cost of ending work in process inventory. $ 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent.
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: Data Table Balances: Beginning Ending Direct Materials $23,000 $31,000 Work-in-Process Inventory 44,000 37,000 Finished Goods Inventory 20,000 22,000 Data Table Other information: Purchases of direct materials $76,000 Direct labor 89,000 Manufacturing overhead 42,000 First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For…