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help please! COST OF GOODS MANUFACTURED/SOLD The following costs and inventory data were taken from the accounts of XYZ Company for 2019: January 1, 2019
help please! COST OF GOODS MANUFACTURED/SOLD The following costs and inventory data were taken from the accounts of XYZ Company for 2019: January 1, 2019 December 31, 2019 Inventories Raw Materials $8,000 $7,000 $13,000 Work in process $15,000 Finished Goods $16,000 $10,000 Costs incurred: Raw materials purchases 93,000 Direct labor 42,000 8,000 Factory rent Factory utilities 7,000 Indirect Materials 4,000 Indirect Labor 6,000 Selling expenses 5,000 Administrative expenses 12,000 1. Prepare a cost of Goods Manufactured schedule for XYZ Company for the year ended December 31, 2019. 2. Prepare the cost of Goods Sold section of the Income Statement for XYZ Company for the year ended December 31, 2019. FLOW OF COSTS XYZ CO. BEGINNING BALANCE MATERIALS: $7,000. BEGINNING BALANCE WIP: $1,000 CONSISTING OF JOB 1 $750 AND JOB 2 $250, DURING MAY: JOB # MATERIAL REQUISITIONS TIME CARDS $500 $1,000 $750 $1,250 $1,250 $750 $1,500 $500 $400 GENERAL USE $600 OTHER ACTUAL MO WAS $1,500 INFORMATION PROVIDED TO DETERMINE THE PREDETERMINED OVERHEAD RATE WAS AS FOLLOWS: TOTAL ESTIMATED MO= $60,000 AND THE TOTAL ESTIMATED ACTIVITY BASE WAS CIRECT LABOR ESTIMATED AT $100,000 HINT: MUST CALCULATE THE PREDETERMINED OVERHEAD RATE IN ORDER TO ESTIMATE/APPLY MO. JOBS 1 AND 3 ARE COMPLETED AND JOB 3 IS SOLD. COMPUTE UNDER/OVER APPLIED MO AND MAKE THE NECESSARY ADJUSTING ENTRY, INIDCATE YOUR ENDING BALANCE FOR EACH OF THE FOLLOWING ACCOUNTS MATERIALS WORK IN PROCESS_ FACTORY LABOR FINISHED GOODS COGS 3 Mo 2256 OVER
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