Kimmel, Accounting, 6e Help I Syst CES th Problem 14-4A (Part Level Submission)
ID: 2399214 • Letter: K
Question
Kimmel, Accounting, 6e Help I Syst CES th Problem 14-4A (Part Level Submission) CALCULATOR The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory 7/1/16 Raw Materials Inventory 6/30/17 Finished Goods Inventory 7/1/16 Finished Goods Inventory 6/30/17 Work in Process Inventory 7/1/16 Work in Process Inventory 6/30/17 Direct Labor Indirect Labor Accounts Receivable $48,100 Factory Insurance $5,600 18,600 29,200 8,850 561,400 4,900 64,400 9,910 2,100 99,200 40,700 46,200 Factory Machinery Depreclation 99,600 Factory Utilities 21,600Office Ubilities Expense 27,700Sales Revenue 25,300 Sales Discounts 144,150Plant Managers Salary 24,960Factory Property Taxes 29,900Factory Repairs dy Raw Materials Purchases Cash rials.) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct mate CLARKSON COMPANY Cost of Goods Manufactured ScheduleExplanation / Answer
Note:Expenses related to office are not part of cost of goods manufactured.
CLARKSON COMPANY Cost of goods manufactured Schedule Work in Process inventory 7/1/16 $ 27,700 Direct Materials used: Raw Materials Inventory 7/1/16 $ 48,100 Add:Raw Materials Purchases $ 99,200 Total Raw Material Available $ 1,47,300 Less: Raw Materials Inventory, 6/30/17 $ 46,200 Raw Materials used $ 1,01,100 Direct Labor $ 1,44,150 Indirect Labor $ 24,960 Factory Insurance $ 5,600 Factory Machinery Depreciation $ 18,600 Factory Utilities $ 29,200 Plant Manager's Salary $ 64,400 Factory Property Taxes $ 9,910 Factory Repairs $ 2,100 Total Cost of manufacturing $ 4,27,720 Less: Work in process inventory, 6/30/17 $ 25,300 Costs of goods manufactured $ 4,02,420Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.