Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cost of Goods Manufactured and Sold The following data relate to three independent production periods of Riverside Manufacturing Company. Missing data are indicated by question

image text in transcribed

Cost of Goods Manufactured and Sold The following data relate to three independent production periods of Riverside Manufacturing Company. Missing data are indicated by question marks. A Materials: $104 $328 $220 Beginning inventory Purchases ?1,400 1,000 Ending inventory 148 200 Total material used 660 880 Direct labor 1,160 1,920 1,600 Manufacturing overhead: Indirect material 192 ?240 Indirect labor 320 300 700 Other ? 400 680 Total manufacturing overhead 1,040 960 Work in process inventories Beginning 180 520 Ending 140 ? 200 Finished goods inventories: Beginning 800 160 Ending 670 240 660 Cost of goods manufactured 2,768 Cost of goods sold 2,678 4,548 Using the above data, determine the missing amounts. (You should set up a schedule of cost of goods manufactured and sold, fill in the known data, and calculate the missing amounts.) Do not use negative signs with any of your answers. Schedule of Cost of Goods Manufactured and Sold C Direct Material: Beginning materials inventory $104 $328 S 220 Cost of materials purchased Cost of material available Less: Ending materials inventory Total material used Less: Indirect material used Direct material used Direct labor 1,160 1,920 1,600 Manufacturing overhead: Indirect material Indirect labor Other manufacturing averhead Total manufacturing overhead Total manufacturing costs Add: Beginning work in pracess inventory Total cost of work in process Less: Ending work in process inventory Cost of goods manufactured Add: Beginning finished goods inventory Cost of goods available Less: Ending finished goods inventory Cost of goods sold

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

A New Auditors Guide To Planning Performing And Presenting IT Audits

Authors: Nelson Gibb, CIA, CISA, CISSP, Divakar Jain, CA, CPA, Amitesh Joshi, Surekha Muddamsetti, Sarabjot Singh

1st Edition

0894136852, 978-0894136856

More Books

Students also viewed these Accounting questions

Question

@ Give me a list of the better speakers in the organization.

Answered: 1 week ago

Question

Describe the appropriate use of supplementary parts of a letter.

Answered: 1 week ago