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Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Debit Credit Beginning 12,800 Purchases 48,500 Available for use 61,300
Beck Manufacturing reports the following information in T-accounts for the current year.
Raw Materials Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning | 12,800 | ||
Purchases | 48,500 | ||
Available for use | 61,300 | ||
Direct materials used | 48,500 | ||
Ending | 12,800 |
Work in Process Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning | 16,400 | ||
Direct materials used | 48,500 | ||
Direct labor | 34,100 | ||
Overhead | 67,000 | ||
166,000 | |||
Cost of goods manufactured | 152,800 | ||
Ending | 13,200 |
Finished Goods Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning | 20,800 | ||
Cost of goods manufactured | 152,800 | ||
Available for sale | 173,600 | ||
Cost of goods sold | 154,400 | ||
Ending | 19,200 |
1. Prepare the schedule of cost of goods manufactured for the year.
2. Compute cost of goods sold for the year.
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