Exercise 11-14A (Algo) Product cost flow and financial statements LO 11-1, 11-2, 11-3 Benson Manufacturing...

Exercise 11-14A (Algo) Product cost flow and financial statements LO 11-1, 11-2, 11-3

Benson Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation.

Acquired $1,600 cash from the issue of common stock.

Paid $550 cash for direct raw materials.

Transferred $360 of direct raw materials to work in process.

Paid production employees $620 cash.

Paid $300 cash for manufacturing overhead costs.

Applied $235 of manufacturing overhead costs to work in process.

Completed work on products that cost $980.

Sold products that cost $840 for $1,610 cash.

Paid $310 cash for selling and administrative expenses.

Made a $70 cash distribution to the owners.

Closed the Manufacturing Overhead account.

Record these events in a horizontal statements model. The first event is shown as an example.

Prepare a schedule of cost of goods manufactured and sold.

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member