Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bahadur Co. manufactures plumbing supplies. The following data were collected from the accounting records for the past year: 1. Beginning direct materials inventory $45,000 2.

Bahadur Co. manufactures plumbing supplies. The following data were collected from the accounting records for the past year:

1. Beginning direct materials inventory $45,000
2. Beginning work-in-process inventory $58,500
3. Beginning finished goods inventory $175,600
4. Direct materials purchased $756,000
5. Presidents salary $150,000
6. Head office salaries $650,000
7. Wages paid to direct labour $456,000
8. Wages paid to factory supervisors $234,000
9. Wages paid to indirect labour $23,450
10. Advertising and marketing expenses $356,000
11. Electricity used in plant $130,000
12. Overhead supplies used in plant $23,500
13. Wages paid to marketing manager $125,000
14. Fuel purchased for delivery trucks $35,600
15. Oil to heat factory $87,000
16. Depreciation on factory equipment $86,000
17. Property taxes for factory $32,000
18. Rent paid for head office equipment $75,000
19. Rent paid for factory equipment $34,000
20. Ending direct materials inventory $24,500
21. Ending work-in-process inventory $102,000
22. Ending finished goods inventory $164,300

Required:

  1. Prepare a schedule of costs of goods manufactured for this year.
  2. Compute the total prime costs for this year.
  3. Compute the total conversion costs for this year.
  4. Prepare a statement of cost of goods sold for this year.

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

Integrated Audit Practice Case

Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens

7th Edition

0912503688, 978-0912503684

More Books

Students also viewed these Accounting questions

Question

=+b) Suggest a question with better wording. Section 8.5

Answered: 1 week ago