90.2K

Verified Solution

Link Copied!

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

(1)
Direct Materials Used:
	(2)
	(3)
	(4)
	(5)
Direct Materials Used
(6)
(7)
Total Manufacturing Costs Incurred during the Year
Total Manufacturing Costs to Account For
(8)
Cost of Goods Manufactured

Now compute cost of goods sold.

Cost of Goods Sold

(9)
Cost of Goods Manufactured
Cost of Goods Available for Sale
(10)
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

(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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

Answer & Explanation Solved by verified expert

See Answer