1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods So

Question

1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the following information: IF YOU DO NOT LABEL YOUR ANSWERS, YOU WILL NOT RECEIVE CREDIT Beginning Raw Materials Inventory $1,000 Beginning Work-In-Process Inventory $2,000 Beginning Finished Goods Inventory $3,000 Ending Raw Materials Inventory $1,500 Ending Work-In-Process Inventory $2,500 Ending Finished Goods Inventory $3,500 Raw Materials Purchases $1,250 Direct Labor $750 Factory Overhead $750 2) Prepare journal entries, if necessary, for the following as of the dates listed IF YOU DO NOT INDENT PROPELY, I WILL NOT LOOK AT ANY OF THE ENTRY 1-Mar It is estimated that $15,000 of overhead will be incurred in March It is estimated that 1,500 hours of labor will be incurred in March Overhead will be allocated based on Labor Hours 1-Mar Purchased raw materials on account for $10,000 10-Mar $8,000 of raw materials were requisitioned to begin Job 100 31-Mar Laborers, who are paid $10.00 per hour, worked 1,450 hours on Job 100 31-Mar Overhead of $15,500 was actually incurred 1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the following information: IF YOU DO NOT LABEL YOUR ANSWERS, YOU WILL NOT RECEIVE CREDIT Beginning Raw Materials Inventory $1,000 Beginning Work-In-Process Inventory $2,000 Beginning Finished Goods Inventory $3,000 Ending Raw Materials Inventory $1,500 Ending Work-In-Process Inventory $2,500 Ending Finished Goods Inventory $3,500 Raw Materials Purchases $1,250 Direct Labor $750 Factory Overhead $750 2) Prepare journal entries, if necessary, for the following as of the dates listed IF YOU DO NOT INDENT PROPELY, I WILL NOT LOOK AT ANY OF THE ENTRY 1-Mar It is estimated that $15,000 of overhead will be incurred in March It is estimated that 1,500 hours of labor will be incurred in March Overhead will be allocated based on Labor Hours 1-Mar Purchased raw materials on account for $10,000 10-Mar $8,000 of raw materials were requisitioned to begin Job 100 31-Mar Laborers, who are paid $10.00 per hour, worked 1,450 hours on Job 100 31-Mar Overhead of $15,500 was actually incurred

Explanation / Answer

SCHEDULE SHOWING COST OF GOODS MANUFACTURED; Beginning raw material inventory 1000 Add: Purchases 1250 Less: Ending inventory -1500 Direct material consumed 750 Direct labour 750 Mnaufacturing OH 750 Total manufacturing cost incurred 2250 Add: Beginning Work in process 2000 Less: Ending Work in process 2500 Cost of Goods manufactured 1750 SCHEDULE SHOWING COST OF GOODS SOLD Cost of Goods manufactured 1750 Add: Beginning Finished Goods 3000 Less: Ending Finished Goods 3500 Cost of Goods sold 1250 Req 2: Date Accounts title and explanation Debit $ Credit $ 1-Mar No entry 1-Mar Raw material inventory Dr. 10000 Accounts payable 10000 10-Mar Work in process Inventory Dr. 8000     Raw material inventory 8000 31-Mar Direct wages Dr. 14500     cash Account 14500 31-Mar Work in process Account Dr. 14500     Direct wages 14500 31-Mar Manufacturing Overheads Dr. 15500     Accounts payable 15500 31-Mar Work in process Account Dr. 14500     Manufacturing Overheads 14500 Note: Predetermined OH rate: Estimated OH/ Dorect hours = 15000/1500 = $ 10 per DLH

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