account balances listed below, prepare a schedule of cost of goods manufactured

Question

account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2016. From the Account Balances Finished Goods Inventory, December 31 Factory Supervisory Salaries Raw Materials Inventory, December 1 12,000 18,000 12,000 15,000 14,000 Income Tax Expense Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases 105,000 Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allewances 6,000 70,000 19,000 Indirect Labor 21,000 Cost of Goods Manufactured Schedule For the Month Ended December 31, 2016

Explanation / Answer

Cost of goods manufactured Schedule Work in process inventory,December 1 25,000 Raw materials used Raw materials inventory,December 1 12,000 raw material purchases 105,000 Raw materials avaialble for use 117,000 Raw materials inventory,December 31 19,000 Raw materials used in production 98,000 Direct labor 70,000 Manufacturing overhead Factory supervisory salaries 12,000 Factory depreciation expens e 8,000 Factory utilities expense 6,000 indirect labor 21,000 total manufacturing overhead 47,000 total manufacturing cost 215,000 total cost of work in process 240,000 less work in process inventory,dec 31 15,000 cost of goods manufactured 225,000 at

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