3. Based on the following information, prepare a Schedule of Cost of Goods Manuf

Question

3. Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 $60,000 ginning Work-in-Process Inventory. Jan. 1 40,000 50,000 20 ing Work-in-Process Inventory, Dec. 31 ning Finished Goods Inventory, Jan. 1 ding Finished Goods Inventory, Dec. 31 et Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 300,000 irect Labor Manufacturing Overhead; actual and located irect Materials Used 400,000 200,000 Income Tax Expense 70,000 300,000 300 0i0 216 a

Explanation / Answer

3. Junaluska Company

Schedule of Cost of Goods Manufactured

For the year ended December 31, 2020

Junaluska Company

Income Statement

For the year ended December 31, 2020

8. C. $ 40.40 per machine hour. ( $ 1,010,000 / 25,000 machine hours)

9. c. $ 1,795.50 Unfavorable. [ $ ( 2.00 - 2.04) x 9,450 x 4.75]

10. d. $ 4,725 Favorable [ 9,450 x ( 5 - 4.75) x $ 2.00]

11. c. $ 75,400.

$ Beginning Work in Process Inventory, Jan 1 60,000 Direct Materials Used 200,000 Direct Labor 300,000 Manufacturing Overhead 400,000 Total Manufacturing Costs 960,000 Less: Ending Work in Process Inventory, Dec 31 (40,000) Cost of Goods Manufactured 920,000

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