Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An analysis of the accounts of Metlock Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Beginning Ending
An analysis of the accounts of Metlock Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Beginning Ending Raw materials $10,000 $14,680 Work in process Finished goods 5,400 7,700 10,000 9,200 Costs incurred: raw materials purchases $58,600, direct labor $50,200, manufacturing overhead $22,640. The specific overhead costs were: indirect labor $5,800, factory insurance $4,600, machinery depreciation $4,600, machinery repairs $2,140, factory utilities $3,880, and miscellaneous factory costs $1,620. (Assume that all raw materials used were direct materials.) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. METLOCK COMPANY Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 Work in Process Inventory, June 1 Direct Materials Raw Materials Inventory, June 1 Raw Materials Purchases Total Raw Materials Available for Use Less Raw Materials Inventory, June 30 Direct Materials Used Direct Labor Manufacturing Overhead Indirect Labor Factory Insurance $ +A A A Indirect Labor Factory Insurance Machinery Depreciation Factory Utilities Machinery Repairs Factory Utilities Miscellaneous Factory Costs Total Manufacturing Overhead Total Manufacturing Costs Less Work in Process Inventory, June 30 Cost of Goods Manufactured +A
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started