The following information is available for Robstown Corporation for 20Y8 January

Question

The following information is available for Robstown Corporation for 20Y8 January 1 December 31 $93,600 96,700 108,400 December 31 S 67,800 23,000 14,600 Inventories Materials Work in process Finished goods S77,250 108,800 112,500 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 186,100 5,550 23,800 123,800 78,300 4,145 13,800 6,550 861,500 138,500 4,750 4,420 Required a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign. b. Prepare the 20Y8 income statement. Enter all amounts as positive numbers.* Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

Explanation / Answer

Q (a)

Q (b)

Robstown Corporation Schedule of Cost of Goods Manufactured For the Year 20Y8 S.No. Particulars Amount $ Amount $ Amount $ 1 Work-in-Process Inventory - January 1    1,08,800 2 Direct Materials: a. Direct Materials Inventory - January 1      77,250 Add: b. Materials Purchased 1,23,800 c. Cost of Materials Available for production (a+b) 2,01,050 d. Direct Materials Inventory- December 31 (93,600) 2 Cost of Direct Materials consumed in production (c-d)         1,07,450     3 Direct Labor Cost     1,86,100     4 Factory Overhead:         a. Indirect Labor      23,800 b. Heat, Light & Power - Factory        5,550 c. Supplies - Factory        4,750 d. Rent expense - Factory        6,550 e. Property Taxes - Factory        4,145 f. Miscellaneous costs - factory        4,420 g. Depreciation expense - Factory Equipment      14,600 Total Factory Overhead        63,815 5 Total Manufacturing cost incurred for the year((2+3+4)    3,57,365 6 Total Manufacturing Costs (1+5)    4,66,165 7. Ending Work-in-Process Inventory - Dec 31     (96,700) Answer : COST OF GOODS MANUFACTURED (6-7)        3,69,465

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