Listed below are the Presto Company balances for the month ending August 31, 201
ID: 2577494 • Letter: L
Question
Listed below are the Presto Company balances for the month ending August 31, 2018. You will need to complete:
a) Cost of Goods Manufactured Schedule for August 2018
b) Cost of Goods Sold Schedule for August 2018
Work-in-process inventory (August 1) $ 152,780
Work-in-process inventory (August 31) 193,458
Finished goods inventory (August 1) 562,489
Finished goods inventory (August 31) 508,487
Direct materials used 352,147
Indirect materials used 82,000
Direct manufacturing labor 473,657
Indirect manufacturing labor 178,657
Property taxes on manufacturing plant building 25,487
Salespersons' company vehicle costs 11,879
Depreciation of manufacturing equipment 261,782
Depreciation of office equipment 129,457
Miscellaneous plant overhead 132,746
Plant utilities 90,687
General office expenses 315,685
Marketing distribution costs 34,654
Explanation / Answer
a)
b)
Schedule of cost of goods manufactured Direct Meterial Beginning raw meterial inventory $ 307,000 Add: Purchase of raw meterial $ 607,200 Raw meterials available for production $ 914,200 Less: Ending raw meterial inventory $ 277,600 Direct material used $ 352,147 Direct Labour $ 473,657 Manufacturing overhead Indirect material $ 82,000 Indirect labour $ 178,657 Property taxes on manufacturing plant building $ 25,487 Depreciation of manufacturing equipment $ 261,782 Misc. plant overhead $ 132,746 Plant utilities $ 90,687 Total Manufactoring overhead $ 771,359 Total Manufactoring Cost $ 1,245,016 Add:Beginning work in progress inventory $ 152,780 Less: Ending work in progress inventory $ 193,458 Cost of goods manufactured $ 1,204,338Related Questions
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