8 Depreciation--equipment 9 Direct labor 10 Direct materials inventory, 1/1 11 Direct materials inventory, 12/31 12 Factory rent 13 Finished goods, 1/1 14 Finished goods, 12/31 15 Indirect labor 16 Indirect materials 17 Purchases of direct materials 18 Work in process, 1/1 19 Work in process, 12/31 20 21 22 Answer Section: 23 24 25 26 27 28 Direct materials 29 Direct materials inventory, 1/1 30 Add: Purchases of Materials 31 32 Cost of direct materials available 33 Less: Direct Material, 12/31 34 35 Cost of direct materials used 36 Direct labor $45,000 642,000 91,500 93,000 76,410 132,000 172,500 37,500 26,250 645,180 30,300 28,665 Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 $91,500 ‒‒‒‒‒‒‒‒ $0 642,000

8 Depreciation--equipment 9 Direct labor 10 Direct materials inventory, 1/1 11 Direct materials inventory, 12/31 12 Factory rent 13 Finished goods, 1/1 14 Finished goods, 12/31 15 Indirect labor 16 Indirect materials 17 Purchases of direct materials 18 Work in process, 1/1 19 Work in process, 12/31 20 21 22 Answer Section: 23 24 25 26 27 28 Direct materials 29 Direct materials inventory, 1/1 30 Add: Purchases of Materials 31 32 Cost of direct materials available 33 Less: Direct Material, 12/31 34 35 Cost of direct materials used 36 Direct labor $45,000 642,000 91,500 93,000 76,410 132,000 172,500 37,500 26,250 645,180 30,300 28,665 Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 $91,500 ‒‒‒‒‒‒‒‒ $0 642,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs HOBBIT COMPANY Cost of Goods Manufactured Schedule 165,180 22,660 24,790 39,270 77.660 $186,990 141,720 $213,960
L13 D. 4 Data Section: $45,000 9. 642,000 91,500 93,000 Direct labor 8 Direct materials inventory, 1/1 9 Direct materials inventory, 12/31 10 Factory rent 11 Finished goods, 1/1 12 Finished goods, 12/31 13 Indirect labor 76,410 132,000 172,500 37,500 26,250 14 Indirect materials 15 Purchases of direct materials 16 Work in process, 1/1 17 Work in process, 12/31 645,180 30,300 28,665 Depreciation-equipment 18 19 Answer Section: 20 Jackson Manufacturing 21 22 Schedule of Cost of Goods Manufactured 23 For the Year Ended December 31 24 25 Work in process, 1/1 $30,300 26 Direct materials Direct materials inventory, 1/1 28 Add: 27 $91,500 FORMULA 1 Purchases of Materials 29 30 Cost of direct materials available $0 FORMULA 2 31 Less: Direct Material, 12/31 32 33 Cost of direct materials used FORMULA 3 34 Direct labor 642,000 35 Manufacturing overhead: 36 Factory rent 37 Depreciation - Equipment $76,410 FORMULA 4 MFG Enter Search the web and Windows op THOF
Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process: Less: Work in process (12/31) Cost of goods manufactured Cost of Goods Manufactured Schedule 168,130 27,530 26,260 39,410 78,070 $183,200 143,740 $213,140 87,830 $541,930
Analyze T-accounts given below: Raw material inventory Balance $15 Purchased $245 Used Balance $30 Work-in-progress inventory $30 Cost of goods $245 manufactured S310 Balance Direct material $540 Direct labor Manufacturing overhead $130 Balance $40 Amount of indirect material used is: a. $230 b. $110 c. $120 d. $340
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According to the information given in the table below, which of the following is Cost of Goods Manufactured? Closing Stock of Work in Process (WIP) 21000 The Cost of Production 59300 Opening Stock of Work in Process (WIP) 24500 Direct labour cost 8500 Select one: а. 64600 Оb. 62800 c. 57300 d. 73500
Current Attempt in Progress The following information is available for Marin Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue (a) January 1, 2022 $17,600 eTextbook and Media 11,400 22,700 2022 $126,000 184,800 151,200 764,400 December 31, 2022 $25,200 14,500 17,640 Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) MARIN COMPANY Cost of Goods Manufactured Schedule QUO Attempte:0 of 3 used Submit Answer
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
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Inventories Work in process Materials Finished goods Accounts payable Accounts receivable Advertising expense Depreciation of factory equipment Depreciation of office equipment Direct labor Direct materials Income tax Indirect labor Indirect materials Interest expense Interest payable Beginning 15,000 24,000 31,000 Lease of manufacturing equipment Own work capitalized Plant maintenance Prepaid lease expense Research and development expense Retained earnings Selling expenses Sales revenue 12,800 21,100 12,500 5,800 2200 41,000 21,500 8,500 16,800 8,500 6,500 1,800 3,200 5,000 2,600 850 2,400 158,000 7,400 121,100 Ending 6,400 29,000 41,300 Required - Choosing only the appropriate data among those presented above: a) Prepare a statement of cost of goods manufactured for 2016. b) Prepare a statement of cost of goods sold for the same period. c) Prepare an income statement using the cost of goods sold format, clearly showing the gross margin from sales and the operating income. d) Prepare…
Prepare a schedule of cost of goods manufactured based on the following information: Direct materials purchased $ 12,000 18,000 3,000 2,000 14,000 13,500 27,000 4,000 2,000 5,500 2,000 1,000 6,000 4,000 Direct labor Direct materials inventory, beginning Direct materials inventory, ending Work-in-process, beginning Work-in-process, ending Factory depreciation Indirect materials Factory utilities Indirect factory labor Factory maintenance Factory insurance Finished goods inventory, beginning Finished goods inventory, ending