80.2K

Verified Solution

Link Copied!

Beck Manufacturing reports the following information in T-account form for 2019. Begin. Inv. Purchases Avail. for use 51,500 End. Inv. Raw Materials Inventory 10,900 45,500 56,400 DM used 4,900 Work in Process Inventory 17,200 51,500 28,300 66,000 163,000 Cost of goods manuf. 14,300 Begin. Inv. DM used Direct labor Overhead Manuf. costs 148,700 End. Inv. Begin. Inv. Cost of goods manuf. Avail. for sale Finished Goods Inventory 17,200 148,700 165,900 Cost of Goods Sold 19,300 146,600 End. Inv. Required: 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the year. BECK MANUFACTURING Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Total manufacturing costs Total cost of work in process Cost of goods manufactured Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute cost of goods sold for the year. BECK MANUFACTURING Partial Income Statement For Year Ended December 31, 2019 Cost of goods sold Goods available for sale Cost of goods sold $ 0 Shown here are annual financial data taken from two different companies. Music World Retail Wave-Board Manufacturing $135,000 $230,000 340,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 571,000 190,000 220,000 Required: 1. Prepare the cost of goods sold section of the income statement for the year for each company in Merchandising Business and Manufacturing Business. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Prepare the cost of goods sold section of the income statement for the year for company in Merchandising Business. MUSIC WORLD RETAIL Cost of Goods Sold For The Year Cost of goods sold: Goods available for sale Cost of goods sold $ 0 Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Prepare the cost of goods sold section of the income statement for the year for company in Manufacturing Business. WAVE-DUARD Wro. WAVE-BOARD MFG. Cost of Goods Sold For The Year Cost of goods sold Goods available for sale Cost of goods sold $ 0

Answer & Explanation Solved by verified expert

See Answer