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Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Debit Credit Beginning 11,500 Purchases 57,000 Available for use 68,500
Beck Manufacturing reports the following information in T-accounts for the current year.
Raw Materials Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning | 11,500 | ||
Purchases | 57,000 | ||
Available for use | 68,500 | ||
Direct materials used | 49,500 | ||
Ending | 19,000 |
Work in Process Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning | 15,200 | ||
Direct materials used | 49,500 | ||
Direct labor | 27,900 | ||
Overhead | 58,500 | ||
151,100 | |||
Cost of goods manufactured | 136,400 | ||
Ending | 14,700 |
Finished Goods Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning | 17,500 | ||
Cost of goods manufactured | 136,400 | ||
Available for sale | 153,900 | ||
Cost of goods sold | 135,600 | ||
Ending | 18,300 |
- Prepare the schedule of cost of goods manufactured for the year.
- Compute cost of goods sold for the year.
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