The following data (in thousands of dollars) have been taken from the accounting

Question

The following data (in thousands of dollars) have been taken from the accounting records of the following company for the just-completed year.

Required:
Use these data to prepare (in thousands of dollars) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the year.

(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the following company for the just-completed year. $1,950 ....$50 $360 Raw materials inventory, beginning Purchases of raw materials Direct labor Manufacturing overhead Administrative expenses Selling expenses Work-in-process inventory, beginning .. Work-in-process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $100 $50 $70 $200 $105 Required Use these data to prepare (in thousands of dollars) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the vear

Explanation / Answer

Schedule of cost of goods manufactured :

Schedule of cost of goods sold :

Beginning work in process 50 Beginning raw material 50 Purchase of raw material 360 Raw material available for use 410 Less: Ending raw material -30 Direct material used 380 Direct labour 120 Manufacturing overhead 175 Total manufacturing cost 675 Total cost of work in process 725 Less: Ending work in process -70 Cost of goods manufactured 655

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.