Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Debit Credit Beginning 10,800 Purchases Available for use Ending 45,500
Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Debit Credit Beginning 10,800 Purchases Available for use Ending 45,500 56,300 Direct materials used: 51,500 4,800 Work in Process Inventory Debit Credit Beginning 16,600 Direct materials used. 51,500 Direct labor Overhead 33,900 58,000 160,000 Cost of goods manufactured 147,300 Ending 12,700 Finished Goods Inventory Debit Credit Beginning Cost of goods manufactured Available for sale 16,300 147,300 163,600 Cost of goods sold 143,800 Ending 19,800 Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the year. Beck Manufacturing Schedule of Cost of Goods Manufactured Direct materials: For Year Ended December 31 Raw materials available for use Direct materials used Factory overhead: Total manufacturing costs Total cost of work in process 0 $ 0 0 Cost of goods manufactured $ < Required 1 Required 2 > 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute cost of goods sold for the year. BECK MANUFACTURING Partial Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale Cost of goods sold EA 0 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started