Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An analysis of the accounts of Kananaskis Manufacturing reveals the following manufacturing cost data for the month ended June 30, 2020: Inventories Beginning Ending Raw

image text in transcribed

image text in transcribed

image text in transcribed

An analysis of the accounts of Kananaskis Manufacturing reveals the following manufacturing cost data for the month ended June 30, 2020: Inventories Beginning Ending Raw materials $ 10,250 $ 12,300 Work in process 5,750 12,750 Finished goods 10,250 6,750 Costs incurred: Raw materials purchases $ 64,950, direct labour $ 57,650, manufacturing overhead $ 23,750. The specific overhead costs were as follows: indirect labour $ 7,300, factory insurance $ 4,200, machinery depreciation $ 5,750, machinery repairs $ 1,950, factory utilities $ 3,100, miscellaneous factory costs $ 1,450. Assume that all raw materials used were direct materials. Prepare the cost of goods manufactured schedule for the month ended June 30, 2020. KANANASKIS MANUFACTURING Cost of Goods Manufactured Schedule For the Month Ended June 30, 2020 $ $ Finished Goods Inventory, June 30 > Question Part Score --/4 Show the presentation of the ending inventories on the June 30, 2020, balance sheet. (List Current Assets in order of liquidity.) KANANASKIS MANUFACTURING (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_2

Step: 3

blur-text-image_3

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

Cost Accounting

Authors: James A. Cashin, Ralph S. Polimeni, Sheila Handy

3rd Edition

0070110263, 9780070110267

More Books

Students also viewed these Accounting questions

Question

What are the goals?

Answered: 1 week ago

Question

Are there other relevant characteristics about your key public?

Answered: 1 week ago

Question

What information remains to be obtained?

Answered: 1 week ago