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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,
| 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 | ||||||||||
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