ACCT.PRINCIPLES-WILEYPLUS NEXTGEN
14th Edition
ISBN: 9781119709954
Author: Weygandt
Publisher: WILEY
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Chapter 19, Problem 16E
a)
To determine
Introduction: Cost of goods manufactured refers to the overall manufacturing costs for finished items produced during a certain accounting period. Manufacturing cost includes material cost, labor cost, manufacturing overhead cost, etc. Additional expenses that are not directly connected to the production process do not form part of the cost of goods manufactured. To Prepare: The cost of goods manufactured schedule.
b)
To determine
Introduction: The
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An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020.
Inventory
Raw materials
Work in process
Finished goods
Ending
$9,880 $15,510
Beginning
5,790
9,760
9,050
6,530
Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs
were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities.
$3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials.
ROBERTS COMPANY
Cost of Goods Manufactured Schedule
ROBERTS COMPANY
(Partial) Balance Sheet
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020.
Inventory
Beginning
Ending
Raw materials
$9.100
$13,450
Workin process
5.110
8,880
Finished goods
9,870
6,880
Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs
were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities
$3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials.
(a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
An analysis of the accounts of Marin Company reveals the following manufacturing cost data for the month ended June 30, 2022.
Inventory
Raw materials
Work in process
Finished goods
Beginning
Ending
$9,800 $14,380
7,550
9.000
(a)
5,300
9,800
Costs incurred: raw materials purchases $57,500, direct labor $49,300, manufacturing overhead $22,160. The specific overhead costs
were: indirect labor $5,700, factory insurance $4,500, machinery depreciation $4,500, machinery repairs $2,090, factory utilities
$3,780, and miscellaneous factory costs $1,590. (Assume that all raw materials used were direct materials.)
Prepare the cost of goods manufactured schedule for the month ended June 30, 2022.
MARIN COMPANY
Cost of Goods Manufactured Schedule
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Chapter 19 Solutions
ACCT.PRINCIPLES-WILEYPLUS NEXTGEN
Ch. 19 - Prob. 1QCh. 19 - Prob. 2QCh. 19 - Prob. 3QCh. 19 - Prob. 4QCh. 19 - Prob. 5QCh. 19 - Prob. 6QCh. 19 - Prob. 7QCh. 19 - Prob. 8QCh. 19 - Prob. 9QCh. 19 - Prob. 10Q
Ch. 19 - 12. Identify the differences in the cost of goods...Ch. 19 - Prob. 12QCh. 19 - Prob. 13QCh. 19 - Prob. 14QCh. 19 - Prob. 15QCh. 19 - Prob. 16QCh. 19 - Prob. 17QCh. 19 - 19. Discuss whether the product costing techniques...Ch. 19 - Prob. 19QCh. 19 - Prob. 20QCh. 19 - Prob. 21QCh. 19 - Prob. 22QCh. 19 - Prob. 23QCh. 19 - Prob. 24QCh. 19 - Prob. 25QCh. 19 - Prob. 1BECh. 19 - Prob. 2BECh. 19 - Prob. 3BECh. 19 - Prob. 4BECh. 19 - Prob. 5BECh. 19 - Prob. 6BECh. 19 - Prob. 7BECh. 19 - Prob. 8BECh. 19 - Prob. 9BECh. 19 - Prob. 10BECh. 19 - Prob. 11BECh. 19 - Prob. 1DIECh. 19 - Prob. 2DIECh. 19 - Prob. 3DIECh. 19 - DO IT! 19-4 Match the descriptions that follow...Ch. 19 - Prob. 1ECh. 19 - E19-2 Presented below is a list of costs and...Ch. 19 - E19-3 Trak Corporation incurred the following...Ch. 19 - Prob. 4ECh. 19 - Prob. 5ECh. 19 - Prob. 6ECh. 19 - Prob. 7ECh. 19 - Prob. 8ECh. 19 - Prob. 9ECh. 19 - Prob. 10ECh. 19 - Prob. 12ECh. 19 - Prob. 13ECh. 19 - Prob. 14ECh. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Prob. 17ECh. 19 - Prob. 18ECh. 19 - P19-1A Ohno Company specializes in manufacturing a...Ch. 19 - Prob. 2PSACh. 19 - Prob. 3PSACh. 19 - Prob. 4PSACh. 19 - Prob. 5PSACh. 19 - Prob. 1EYCTCh. 19 - Prob. 2EYCTCh. 19 - Prob. 3EYCTCh. 19 - Prob. 4EYCTCh. 19 - Prob. 5EYCTCh. 19 - Prob. 7EYCT
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- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?arrow_forwardThe cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?arrow_forwardDuring the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.arrow_forward
- What are the total costs to account for if a companys beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?arrow_forwardEllerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.arrow_forwardOReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.arrow_forward
- The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: The total direct materials cost for the period was $40,000. The total direct labor cost, at an average rate of $10 per hour for direct labor, was one and one-half times the direct materials cost. Factory overhead was applied on the basis of $4 per direct labor hour. What was the total actual factory overhead incurred for the period? (Hint: First solve for direct labor cost and then for direct labor hours.)arrow_forwardCost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant: During July, the direct labor cost was 43,500, raw materials purchases were 64,000, and the total overhead cost was 108,750. The inventories at the end of July were: Required: 1. What is the cost of the direct materials used in production during July? 2. What is the cost of goods manufactured for July? 3. What is the cost of goods sold for July?arrow_forwardDuring the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.arrow_forward
- Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)arrow_forwardDuring March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?arrow_forwardThe 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 costarrow_forward
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