Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 14-15 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 14-15 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. ventory 20.900 N 47,000 Raw Materials Inventory Begin. Inv. Purchases 48,000 Avail. for use 58,900 DM used End. Iny. 11,900 Work in Process Inventory Begin. Inv. 16,600 DM used 47,000 Direct labor 29, 300 Overhead 55,500 Manuf. costs 148,400 Cost of goods manuf. End. Inv. 13,800 Finished Goods Inventory Begin. Inv. 22,000 Cost of goods manuf. Avail. for sale 156,600 Cost of Goods Sold End. Inv. 19,500 134,600 137,100 Required: 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the schedule of cost of goods manufactured for the year. BECK MANUFACTURING Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Total manufacturing costs Total cost of work in process Cost of goods manufactured 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, 2019 Cost of goods sold Goods available for sale Cost of goods sold
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