anufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 $ 25,100 Beginning Raw Materials, 1/1/18 36,500 Beginning...

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anufacturing costs for Davenport Company during 2018 were asfollows:
Beginning Finished Goods, 1/1/18 $ 25,100
Beginning Raw Materials, 1/1/18 36,500
Beginning Work in Process, 1/1/18 111,300
Direct Labor for 2018 $ 276,300
Ending Finished Goods, 12/31/18 23,400
Ending Raw Materials, 12/31/18 40,750
Ending Work in Process, 12/31/18 121,600
Material Purchases for 2018 305,200
(including $20,000 of indirect material)
Note: The pre-determined overhead rate is 0.85 (85%) of directlabor cost.
Required:
1. Prepare a Cost of Goods Manufacturedreport.
2. Prepare a Partial Income Statement if salesrevenue was $1,350,000 and operating expenses were $260,000 for2018.

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4.1 Ratings (621 Votes)

Requirement 1 Schedule of Cost of Goods Manufactured Direct materials Beginning raw material inventory 36500 Add Purchase of raw material 305200 Total raw materials available 341700 See Answer

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Beginning Finished Goods, 1/1/18	$	25,100
Beginning Raw Materials, 1/1/18		36,500
Beginning Work in Process, 1/1/18		111,300
Direct Labor for 2018	$	276,300
Ending Finished Goods, 12/31/18		23,400
Ending Raw Materials, 12/31/18		40,750
Ending Work in Process, 12/31/18		121,600
Material Purchases for 2018		305,200
(including $20,000 of indirect material)