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Exercise 01-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2 Beck Manufacturing reports the following information in T-account form
Exercise 01-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2
Beck Manufacturing reports the following information in T-account form for 2019.
Raw Materials Inventory | |||
Begin. Inv. | 10,800 | ||
Purchases | 56,500 | ||
Avail. for use | 67,300 | ||
DM used | 52,500 | ||
End. Inv. | 14,800 |
Work in Process Inventory | |||
Begin. Inv. | 15,600 | ||
DM used | 52,500 | ||
Direct labor | 32,300 | ||
Overhead | 63,000 | ||
Manuf. costs | 163,400 | ||
Cost of goods manuf. | 150,300 | ||
End. Inv. | 13,100 |
Finished Goods Inventory | |||
Begin. Inv. | 17,500 | ||
Cost of goods manuf. | 150,300 | ||
Avail. for sale | 167,800 | ||
Cost of Goods Sold | 149,000 | ||
End. Inv. | 18,800 |
Required: 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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