Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hey! Would someone please be able to help me with this question in the format attached? Thank you so much! Statement of Cost of Goods
Hey! Would someone please be able to help me with this question in the format attached?
Thank you so much!
Statement of Cost of Goods Manufactured E4A. During June, Agron, Inc., purchases of direct materials totaled $119,000; direct labor for the month was 3,400 hours at $10.00 per hour. Agron also incurred the follow- ing overhead costs: utilities, $5,870; supervision, $17,300; indirect materials, $6,750: depreciation, $6,200; insurance, $,830; and miscellancous, $1,100. Beginning inventory accounts were as follows: Materials Inventory, $48,600; Work in Process Inventory, $55,250; and Finished Goods Inventory, $38,500. Ending inventory accounts were as follows: Materials Inventory, $55,100; Work in Process Inventory, $48,400; and Finished Goods Inventory, $37,450. Prepare a statement of cost of goods manufactured. Argon, Inc. Statement of Cost of Goods Manufactured For the Month of June Direct materials used: Materials inventory, beginning Direct materials purchased Cost of dircct materials available for use Less materials inventory, ending Cost of direct materials used Direct labor Overhead: Utilities Supervision Indirect materials Depreciation Insurance Miscellaneous Total overhcad Total manufacturing costs Add work in process inventory, beginning Total cost of work in process during the month Less work in process inventory, ending Cost of goods manufactured
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