Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: 1(Click the icon to view account balances.) 2(Click the icon to view other information.) First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory $42,000 Direct Materials Used: Beginning Direct Materials $21,000 Purchases of Direct Materials 78,000 Direct Materials Available for Use 99,000 Ending Direct Materials (33,000) Direct Materials Used $66,000 Direct Labor 81,000 Manufacturing Overhead 41,000 Total Manufacturing Costs Incurred during the Year 188,000 Total Manufacturing Costs to Account For 230,000 Ending Work-in-Process Inventory (29,000) Cost of Goods Manufactured $201,000 Now compute cost of goods sold. Cost of Goods Sold (1) Cost of Goods Manufactured Cost of Goods Available for Sale (2) Cost of Goods Sold 1: Data Table Balances: Beginning Ending Direct Materials $21,000 $33,000 Work-in-Process Inventory 42,000 29,000 Finished Goods Inventory 14,000 26,000 2: Data Table Other information: Purchases of direct materials $78,000 Direct labor 81,000 Manufacturing overhead 41,000
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: 1(Click the icon to view account balances.) 2(Click the icon to view other information.) First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory $42,000 Direct Materials Used: Beginning Direct Materials $21,000 Purchases of Direct Materials 78,000 Direct Materials Available for Use 99,000 Ending Direct Materials (33,000) Direct Materials Used $66,000 Direct Labor 81,000 Manufacturing Overhead 41,000 Total Manufacturing Costs Incurred during the Year 188,000 Total Manufacturing Costs to Account For 230,000 Ending Work-in-Process Inventory (29,000) Cost of Goods Manufactured $201,000 Now compute cost of goods sold. Cost of Goods Sold (1) Cost of Goods Manufactured Cost of Goods Available for Sale (2) Cost of Goods Sold 1: Data Table Balances: Beginning Ending Direct Materials $21,000 $33,000 Work-in-Process Inventory 42,000 29,000 Finished Goods Inventory 14,000 26,000 2: Data Table Other information: Purchases of direct materials $78,000 Direct labor 81,000 Manufacturing overhead 41,000
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 17E: Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the...
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Question
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:
1(Click
the icon to view account balances.)
2(Click
the icon to view other information.)First, compute cost of goods manufactured.
Schedule of Cost of Goods Manufactured
|
Beginning Work-in-Process Inventory
|
|
|
$42,000
|
|
Direct Materials Used:
|
|
|
|
|
|
Beginning Direct Materials
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$21,000
|
|
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|
Purchases of Direct Materials
|
78,000
|
|
|
|
Direct Materials Available for Use
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99,000
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Ending Direct Materials
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(33,000)
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Direct Materials Used
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$66,000
|
|
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Direct Labor
|
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81,000
|
|
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Manufacturing Overhead
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41,000
|
|
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Total Manufacturing Costs Incurred during the Year
|
|
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188,000
|
|
Total Manufacturing Costs to Account For
|
|
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230,000
|
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Ending Work-in-Process Inventory
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|
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(29,000)
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Cost of Goods Manufactured
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$201,000
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Now compute cost of goods sold.
Cost of Goods Sold
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(1)
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|
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Cost of Goods Manufactured
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Cost of Goods Available for Sale
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(2)
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Cost of Goods Sold
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1: Data Table
Balances:
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Beginning
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Ending
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---|---|---|
Direct Materials
|
$21,000
|
$33,000
|
Work-in-Process Inventory
|
42,000
|
29,000
|
Finished Goods Inventory
|
14,000
|
26,000
|
2: Data Table
Other information:
|
|
Purchases of direct materials
|
$78,000
|
---|---|
Direct labor
|
81,000
|
Manufacturing overhead
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41,000
|
(1)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(2)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
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