Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An analysis of the accounts of Bonita Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work

An analysis of the accounts of Bonita Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Ending $9,760 $16,300 6,240 Beginning 9,300 7,420 6,730 Costs incurred: raw materials purchases $55,480, direct labor $49,600, manufacturing overhead $22,610. The specific overhead costs were: indirect labor $6,460, factory insurance $4,400, machinery depreciation $4,190, machinery repairs $2,180, factory utilities $3,740, and miscellaneous factory costs $1,640. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020. BONITA COMPANY Cost of Goods Manufactured Schedule $ +A
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Costs incurred: raw materials purchases $55,480, direct labor $49,600, manufacturing overhead $22,610. The specific overhead costs were: indirect labor $6,460, factory insurance $4,400, machinery depreciation $4,190, machinery repairs $2,180, factory utilities $3,740, and miscellaneous factory costs $1,640. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020. (b) Show the presentation of the ending inventories on the June 30,2020 , balance sneet. BONITA COMPANY (Partial) Balance Sheet $ $

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

Auditing Principles Techniques And Practices

Authors: Mustaq Ahmad, Mohd Ashraf Ali

1st Edition

8184841949, 978-8184841947

More Books

Students also viewed these Accounting questions