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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. | |||||||||
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Understanding Corporate Annual Reports
Authors: William Pasewark
7th Edition
0073526932, 9780073526935
