The following information is available for Erado Company at December 31, 2017: 1. Inventory balance Beginning of Year End of Year Finished Goods $14,000 $10,000 Work in Process 6,000 12,000 Raw Materials 10,300 6,500 Debit postings to Work in Process Inventory during the year were: Direct materials $90,000 Direct labor 60,000 Manufacturing overhead applied 75,000 Instructions (a) Prepare a condensed cost of goods manufactured schedule.
The following information is available for Erado Company at December 31, 2017: 1. Inventory balance Beginning of Year End of Year Finished Goods $14,000 $10,000 Work in Process 6,000 12,000 Raw Materials 10,300 6,500 Debit postings to Work in Process Inventory during the year were: Direct materials $90,000 Direct labor 60,000 Manufacturing overhead applied 75,000 Instructions (a) Prepare a condensed cost of goods manufactured schedule.
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 1E: Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs...
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The following information is available for Erado Company at December 31, 2017:
|
1. |
Inventory balance |
Beginning of Year |
End of Year |
|
|
Finished Goods |
$14,000 |
$10,000 |
|
|
Work in Process |
6,000 |
12,000 |
|
|
Raw Materials |
10,300 |
6,500 |
- Debit postings to Work in Process Inventory during the year were:
|
Direct materials |
$90,000 |
|
Direct labor |
60,000 |
|
Manufacturing overhead applied |
75,000 |
Instructions
(a) Prepare a condensed cost of goods manufactured schedule.
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