only need answers Instructions The following information is available for The Ne
ID: 2337788 • Letter: O
Question
only need answersInstructions The following information is available for The NewQuest Corporation for 2016 Inventories Materials Work in process Finished goods January 1 $78,250 109,800 112,000 December 31 $93,750 95,700 108,800 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory December 31 S 68,800 21,750 14,420 185,700 5,950 24,700 124,600 76,400 4,120 12,300 6,650 862,500 135,500 3,500 5,300 Required A. Prepare the 2016 statement of cost of goods manufactured.*
Explanation / Answer
Solution :
The New Quest Corporation Schedule of cost of goods manufactured For the year ended December 31, 2016 Particulars Details Amount Direct Material: Beginning material inventory $78,250.00 Cost of material purchased $124,600.00 Cost of material available $202,850.00 Less: Ending material inventory $93,750.00 Direct material used $109,100.00 Direct labor $185,700.00 Factory overhead: Depreciation Expense - Factory Equipment $14,420.00 Heat, light and Power - Factory $5,950.00 Indirect labor $24,700.00 Property Taxes - Factory $4,120.00 Rent Expense - Factory $6,650.00 Supplies - Factory $3,500.00 Miscellenous Cost - Factory $5,300.00 Total factory Overhead $64,640.00 Total manufacturing cost for the year $359,440.00 Add: Beginning WIP $109,800.00 Total cost of work in process during the year $469,240.00 Less: Ending WIP $95,700.00 Cost of goods manufactured $373,540.00Related Questions
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