Thank you for your time sooo much! This is part a of a two part question. I will

ID: 2421784 • Letter: T

Question

Thank you for your time sooo much! This is part a of a two part question. I will worry about part b later. Out of all the data only some can fit and be computed into the table below. This has been a challenging problem for me.

-> Above all else answers must fit into the structure of the table below. Thank you in advance again

****Also attached is a screen shot of my first attempt, everything in Red is wrong, everything in Green in correct** as you can see Im having difficulties

Problem 2-2 (Part Level Submission) Terra Cotta Designs manufactures custom tiles. The following information relates to the fiscal year ending December 31, 2014 Beginning balance in Raw Material Inventory 448,340 Purchases of raw material Ending balance in Raw Material Inventory Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Direct labor cost Manufacturing overhead applied Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Sales Selling expenses General and administrative expenses 1,500,230 198,590 649,530 351,920 2,498,460 648,250 748,130 350,550 7,010,080 501,000 848,400

Explanation / Answer

Schedule of cost of goods manufactured

Beginning work in process inventory,

$ 649530

Plus: additions to work in process

Beginning balance in raw material inventory

448340

Add- purchase of raw material inventory

1500230

Less- Ending balance in raw material inventory

198590

$1749980

Direct labor

$2498460

Manufacturing overhead

$ 648250

$4,896,690

Total manufacturing costs

$5,546,220

Less- ending work in process inventory, dec31

$ 351920

Cost of goods manufactured

$5,194,300