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An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventories Beginning Ending Raw
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventories Beginning Ending Raw materials $9,000 $13,100 Work in process 5,000 7,000 Finished goods 9,000 8,000 Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insurance, $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3,100, miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials. Instructions (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. (b) Show the presentation of the ending inventories on the June 30, 2022 balance sheet. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. ROBERTS COMPANY Cost of Goods Manufactured Schedule For the Month Ended June 30, 2022 Work in process inventory, June 1 Value Direct materials Raw materials inventory, June 1 Value Raw materials purchases Value Total raw materials available for use ? Less: Raw materials inventory, June 30 Value Direct materials used ? Direct labor Value Manufacturing overhead Indirect labor Value Factory insurance Value Machinery depreciation Value Factory utilities Value Machinery repairs Value Miscellaneous factory costs Value Total manufacturing overhead ? Total manufacturing costs ? Total cost of work in process ? Less: Work in process, June 30 Value Cost of goods manufactured ? (b) Show the presentation of the ending inventories on the June 30, 2022 balance sheet. ROBERTS COMPANY (Partial) Balance Sheet June 30, 2022 Current assets Inventories Finished goods Value Work in process Value Raw materials Value ? After you have completed E11-16, consider the additional question. Assume that the inventory balances changed as follows: beginning raw materials $12,000, ending work in process $6,750 and ending finished goods $10,000. Show the impact of these changes on the cost of goods manufactured schedule and balance sheet.
| An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended | |||||||||
| June 30, 2022. | |||||||||
| Inventories | Beginning | Ending | |||||||
| Raw materials | $9,000 | $13,100 | |||||||
| Work in process | 5,000 | 7,000 | |||||||
| Finished goods | 9,000 | 8,000 | |||||||
| Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific | |||||||||
| overhead costs were: indirect labor $5,500, factory insurance, $4,000, machinery depreciation $4,000, machinery | |||||||||
| repairs $1,800, factory utilities $3,100, miscellaneous factory costs $1,500. Assume that all raw materials used were | |||||||||
| direct materials. | |||||||||
| Instructions | |||||||||
| (a) | Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. | ||||||||
| (b) | Show the presentation of the ending inventories on the June 30, 2022 balance sheet. | ||||||||
| NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . | |||||||||
| (a) | Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. | ||||||||
| ROBERTS COMPANY | |||||||||
| Cost of Goods Manufactured Schedule | |||||||||
| For the Month Ended June 30, 2022 | |||||||||
| Work in process inventory, June 1 | Value | ||||||||
| Direct materials | |||||||||
| Raw materials inventory, June 1 | Value | ||||||||
| Raw materials purchases | Value | ||||||||
| Total raw materials available for use | ? | ||||||||
| Less: Raw materials inventory, June 30 | Value | ||||||||
| Direct materials used | ? | ||||||||
| Direct labor | Value | ||||||||
| Manufacturing overhead | |||||||||
| Indirect labor | Value | ||||||||
| Factory insurance | Value | ||||||||
| Machinery depreciation | Value | ||||||||
| Factory utilities | Value | ||||||||
| Machinery repairs | Value | ||||||||
| Miscellaneous factory costs | Value | ||||||||
| Total manufacturing overhead | ? | ||||||||
| Total manufacturing costs | ? | ||||||||
| Total cost of work in process | ? | ||||||||
| Less: Work in process, June 30 | Value | ||||||||
| Cost of goods manufactured | ? | ||||||||
| (b) | Show the presentation of the ending inventories on the June 30, 2022 balance sheet. | ||||||||
| ROBERTS COMPANY | |||||||||
| (Partial) Balance Sheet | |||||||||
| June 30, 2022 | |||||||||
| Current assets | |||||||||
| Inventories | |||||||||
| Finished goods | Value | ||||||||
| Work in process | Value | ||||||||
| Raw materials | Value | ? | |||||||
| After you have completed E11-16, consider the additional question. | |||||||||
| Assume that the inventory balances changed as follows: beginning raw materials $12,000, | |||||||||
| ending work in process $6,750 and ending finished goods $10,000. Show the impact of these | |||||||||
| changes on the cost of goods manufactured schedule and balance sheet. | |||||||||
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Elementary Statistics A Step By Step Approach
Authors: Allan Bluman
11th Edition
9781260360653
