6 chapter 19 Learning Objective 5 E19-23 s reparing a schedule of cost of goods
ID: 2609095 • Letter: 6
Question
6 chapter 19 Learning Objective 5 E19-23 s reparing a schedule of cost of goods manufactured and atcome statement Operating Income $69 mpany has the following information for the year ended Dec 31, the information to prepare a schedule of cost of goods manuured Jorda n Co and an income shown in millions. e statement. Assume no indirect materials are used and all assounts are Beginning $5 12 Ending $ 16 15 Inventory Balances: Work-in-Process Finished Goods Other information: Sales Revenue Selling and Administrative Expenses $253 85 62 20 31 Direct Labor Manufacturing Overhead; actual and allocated Direct Materials Used ctives 2, 3, 4, 5 E19-24 Preparing job order costing journal entries louExplanation / Answer
A
Cost of goods manufactured
Particulars
Amount
Direct material used
$31
Direct labour cost
$62
Manufacturing Overheads applied
$20
Total
$113
Add: Beginning work in progress
$5
Less: Ending work in progress
($16)
Cost of goods manufactured
$102
B
Income statement
Amount
Sales revenue
253
Less: Expenses:
Direct materials
-31
Direct Labour
-62
Manufacturing overheads
-20
Selling and admin expenses
-85
Net Profit
55
A
Cost of goods manufactured
Particulars
Amount
Direct material used
$31
Direct labour cost
$62
Manufacturing Overheads applied
$20
Total
$113
Add: Beginning work in progress
$5
Less: Ending work in progress
($16)
Cost of goods manufactured
$102
B
Income statement
Amount
Sales revenue
253
Less: Expenses:
Direct materials
-31
Direct Labour
-62
Manufacturing overheads
-20
Selling and admin expenses
-85
Net Profit
55
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