Compute the Cost of Goods Manufactured and Cost of Goods Sold for Quality Aquatic Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials.
Compute the Cost of Goods Manufactured and Cost of Goods Sold for Quality Acquatic Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to view the data.) X Data Table Beginning End of End of of Year Year Year Raw materials inventory 26,000 $ $ 11,000 35,000 $ 29,000 Insurance on plant. . 27,000 Depreciation-plant building and equipment 27,000 Repairs and maintenance-plant 13,400 16,000 $ $ 3,500 Work in process inventory... $ Finished goods inventory $ Purchases of direct materials .... Direct labor 74,000 Marketing expenses. . $ 80,000 $ 81,000 General and administrative expenses $ 24,500 Indirect labor $ 45,000 Print Done Start the calculation for cost of goods manufactured by calculating the direct materials used. Quality Acquatic Company Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used Start the calculation for cost of goods manufactured by calculating the direct materials used. Quality Acquatic Company Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Beginning work in process inventory Cost of goods manufactured Direct labor Ending raw materials inventory Ending work in process inventory Manufacturing overhead Materials available for use Purchases of direct materials Total manufacturing costs incurred during the period Total manufacturing costs to account for Calculate the cost of goods manufactured. Quality Acquatic Company Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less: Cost of goods manufactured Calculate the cost of goods manufactured. Quality Acquatic Company Calculation of Cost of Goods Manufactured For Current Year Beginning raw materials inventory Beginning work in process inventory Direct labor Direct materials used Ending raw materials inventory Ending work in process inventory Manufacturing overhead Total manufacturing costs to account for Now calculate the cost of goods sold. Quality Acquatic Company Calculation of Cost of Goods Sold For Current Year Plus: Less: Cost of goods sold Beginning finished goods inventory Beginning work in process inventory Cost of goods available for sale Cost of goods manufactured Ending finished goods inventory Ending work in process inventory Rent expense Purchases Sales commissions expense Utility expense Plus: Less: Cost of goods sold
