Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2B Schedule of Cost of Goods Manufactured Vernon Bakery shows the following data related to its August 31, 2017 fiscal year: Raw materials inventory, September

2B Schedule of Cost of Goods Manufactured

Vernon Bakery shows the following data related to its August 31, 2017 fiscal year:

Raw materials inventory, September 1, 2016

$2,400

Raw materials inventory, August 31, 2017

1,600

Work in process inventory, September 1, 2016

200

Work in process inventory, August 31, 2017

150

Finished goods inventory, September 1, 2016

1,000

Finished goods inventory, August 31, 2017

900

Rent on the commercial kitchen

12,000

Depreciation of delivery vehicle

1,500

Salary paid to head baker

42,000

Purchases of raw materials

58,000

Delivery costs

2,500

Utilities expense - office

600

Depreciation - kitchen equipment

2,000

Dividends paid to shareholders

10,000

Utilities expense - kitchen

1,200

Marketing

3,000

Wages paid to kitchen cleaning staff

16,000

Wages paid to assistant bakers

65,000

Required:

Based on the information above, prepare a schedule of cost of goods manufactured.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CPA Comprehensive Exam Review Auditing And Attestation

Authors: Nathan M. Bisk

43rd Edition

088128095X, 978-0881280951

More Books

Students also viewed these Accounting questions

Question

HB 1 0 8 8 7 9 7 4 9 : 1 c . 5 0 : 1 b . c d

Answered: 1 week ago