Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Axteks Corporation has the following cost records for the year ended December 31, 2020: Indirect factory labour $5,420 Direct materials used 252,400 Work in process

Axteks Corporation has the following cost records for the year ended December 31, 2020:

Indirect factory labour $5,420
Direct materials used 252,400
Work in process (1/1/2020) 31,800
Work in process (12/31/2020) 27,200
Finished goods (1/1/2020) 35,900
Finished goods (12/31/2020) 28,500
Factory utilities 41,100
Depreciation, factory equipment 34,300
Direct labour 300,900
Indirect materials 22,600
Factory managers salary 63,300
Selling and administrative expenses 341,200
Net sales 1,234,000
Factory machinery rent 42,700

Prepare a cost of goods manufactured schedule for 2020.

Axteks Corporation Cost of Goods Manufactured Year Ended December 31, 2020
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials $
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials $
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials:
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials $
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
AddLess: Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials
Cost of Goods ManufacturedDirect LabourDirect Materials UsedDepreciation, Factory EquipmentFactory Machinery RentFactory UtilitiesIndirect Factory LabourManufacturing OverheadFactory Managers SalaryTotal Cost of Work in ProcessTotal Manufacturing CostTotal Manufacturing OverheadWork in Process, January 1Work in Process, December 31Raw Materials, January 1Raw Materials, December 31Indirect Materials $

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

Food And Beverage Cost Control

Authors: Lea R. Dopson, David K. Hayes

5th Edition

0470251395, 978-0470251393

More Books

Students also viewed these Accounting questions

Question

Describe the concept of diversity and diversity management.

Answered: 1 week ago

Question

How does the EEOC define sexual harassment?

Answered: 1 week ago