Bell Bike Co. TV Treats Co. Beginning finished goods inventory $ 14,200 $ 17,000
ID: 2477528 • Letter: B
Question
Bell Bike Co. TV Treats Co. Beginning finished goods inventory $ 14,200 $ 17,000 Beginning goods in process inventory $ 23,000 $ 21,000 Beginning raw materials inventory $ 6,500 $ 8,500 Rental cost on factory equiptment $ 23,000 $ 22,500 Direct labor $ 13,000 $ 34,500 Ending finished goods inventory $ 20,000 $ 26,000 Ending goods in process inventory $ 22,000 $ 16,000 Ending raw materials inventory $ 5,000 $ 6,350 Factory untilities $ 9,250 $ 12,000 Factory supplies used $ 8,125 $ 2,800 General and administrative expenses $ 19,000 $ 43,000 Indirect labor $ 1,200 $ 9,500 Repairs-Factory equiptment $ 4,800 $ 5,500 Raw materials purchases $ 30,500 $ 46,000 Sales salaries $ 50,000 $ 46,000 Use the following data to compute the (a) cost of goods manufactured and (b) the cost of goods sold for both Bell Bike Co. and Treasure Valley Treats Co.Bell Bike Co. TV Treats Co. Beginning finished goods inventory $ 14,200 $ 17,000 Beginning goods in process inventory $ 23,000 $ 21,000 Beginning raw materials inventory $ 6,500 $ 8,500 Rental cost on factory equiptment $ 23,000 $ 22,500 Direct labor $ 13,000 $ 34,500 Ending finished goods inventory $ 20,000 $ 26,000 Ending goods in process inventory $ 22,000 $ 16,000 Ending raw materials inventory $ 5,000 $ 6,350 Factory untilities $ 9,250 $ 12,000 Factory supplies used $ 8,125 $ 2,800 General and administrative expenses $ 19,000 $ 43,000 Indirect labor $ 1,200 $ 9,500 Repairs-Factory equiptment $ 4,800 $ 5,500 Raw materials purchases $ 30,500 $ 46,000 Sales salaries $ 50,000 $ 46,000
Explanation / Answer
Bell Bike Co Schedule of cost of goods manufactured Direct Meterial Beginning raw meterial inventory 6,500 Add: Purchase of raw meterial 30,500 Raw meterials available for production 37,000 Less: Ending raw meterial inventory 5,000 Raw meterials transferred to production 32,000 Direct Labour 13,000 Factory overhead Factory supplies used 8,125 Factory utilities 9,250 Indirect Labour 1,200 Rental Cost on factory equipment 23,000 Repairs - factory equipment 4,800 46,375 Total Manufactoring Cost 91,375 Add:Beginning work in progress inventory 23,000 Less: Ending work in progress inventory 22,000 Cost of goods manufactured 92,375 Cost of goods sold schedule Beginning finished goods inventory 14,200 Add: Cost of goods manufactured 92,375 Less: Ending finished goods inventry -20,000 Cost of goods sold 86,575 TV Treats Co. Schedule of cost of goods manufactured Direct Meterial Beginning raw meterial inventory 8,500 Add: Purchase of raw meterial 46,000 Raw meterials available for production 54,500 Less: Ending raw meterial inventory 6,350 Raw meterials transferred to production 48,150 Direct Labour 34,500 Factory overhead Factory supplies used 2,800 Factory utilities 12,000 Indirect Labour 9,500 Rental Cost on factory equipment 22,500 Repairs - factory equipment 5,500 52,300 Total Manufactoring Cost 1,34,950 Add:Beginning work in progress inventory 21,000 Less: Ending work in progress inventory 16,000 Cost of goods manufactured 1,39,950 Cost of goods sold schedule Beginning finished goods inventory 17,000 Add: Cost of goods manufactured 1,39,950 Less: Ending finished goods inventry -26,000 Cost of goods sold 1,30,950
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.