From the account balances listed below, prepare a schedule of cost of goods manu
ID: 2482774 • Letter: F
Question
From the account balances listed below, prepare a schedule of cost of goods manufactured for Timmons Manufacturing Company for the month ended December 31, 2016.
Account Balances
Finished Goods Inventory, December 31 $42,000
Factory Supervisory Salaries 12,000
Income Tax Expense 18,000
Raw Materials Inventory, December 1 12,000
Work In Process Inventory, December 31 25,000
Sales Salaries Expense 14,000
Factory Depreciation Expense 8,000
Finished Goods Inventory, December 1 35,000
Raw Materials Purchases 95,000
Work In Process Inventory, December 1 30,000
Factory Utilities Expense 4,000
Direct Labor 70,000
Raw Materials Inventory, December 31 19,000
Sales Returns and Allowances 5,000
Indirect Labor 21,000
Explanation / Answer
Particulars Amount Raw Material -Opening 12000 RM- Purchases 95000 RM- Closing -19000 RM Consumption 88000 Factory Supervisory Salaries 12000 Factory Depreciation Expense 8000 Factory Utilities Expense 4000 Direct labour 70000 WIP Consumption 5000 Opening WIP 30000 Closing WIP -25000 Total Cost of Manufacturing 187000
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.