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Finish ALL BLANKS empty ones specifically Required information (The following information applies to the questions displayed below.) You have been asked by the CEO of
Finish ALL BLANKS empty ones specifically
Required information (The following information applies to the questions displayed below.) You have been asked by the CEO of Mountaineer Co. to assist in analyzing product costs. This analysis is used in internal decision making and in reporting to investors. The following Tableau Dashboard provides data needed for the analysis. Raw Materials Inventories Raw materials, beginning Raw materials purchases Raw materials used Raw materials, ending $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 Work in Process & Finished Goods Inventories Work in Process Finished Goods Rent expense - Factory $50,000 54,000 50,000 $40,000 43,000 Repairs expense - Factory $30,000 33,000 >40, VUU 43,000 Repairs expense - Factory $30,000 33,000 Factory supplies used (indirect materials) Factory utilities $20,000 $10,000 $0 Beginning Ending Beginning Ending Indirect labor Additional Data Accounts receivable, net $150,000 Cash $350,000 Direct labor $180,000 Sales and Select Expense Accounts Sales General & administrative expenses Selling expenses $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 #tableau Prepare a schedule of cost of goods manufactured for the current year ended December 31. List individual overhead account balances in the schedule. Mountaineer Co. Schedule of Cost of Goods Manufactured For Year Ended December 31 Mountaineer Co. Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials Raw materials inventory, beginning $ 60,000 Raw materials purchases 140,000 Raw materials available for use 200,000 Less: Raw materials inventory, ending (64,000) Direct materials used Direct labor Factory overhead Rent expense - Factory 45,000 Factory utilities 9,500 Indirect labor 38,000 Repairs expense - Factory 11,500 Factory supplies used (indirect materials) 14,000 $ 136,000 180,000 Total factory overhead costs Total manufacturing costs 118,000 434,000 Total cost of work in process 434,000 Cost of goods manufactured $ 434,000Step by Step Solution
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