Inventory
Raw materials
$9,250 beginning
$17,680 end
Work in process
5,560 beginning
8,300 end
Fnished goods
9,810 beginning
6,270 end
Costs incurred: raw materials purchases $56,200, direct labor $50,350, manufacturing overhead $22,520. The specific overhead costs were: indirect labor $5,770, factory insurance $4,320, machinery depreciation $4,670, machinery repairs $2,230, factory utilities $3,870, and miscellaneous factory costs $1,660. Assume that all raw materials used were direct materials.
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Ending Inventory Raw materials Work in process Finished goods Beginning $9,250 5,560 9,810 $17,680 8,300 6,270 Costs incurred: raw materials purchases $56,200, direct labor $50,350, manufacturing overhead $22,520. The specific overhead costs were: indirect labor $5,770, factory insurance $4,320, machinery depreciation $4,670, machinery repairs $2,230, factory utilities $3,870, and miscellaneous factory costs $1,660. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Beginning $9,250 5,560 9,810 Ending $17,680 8,300 6,270 Costs incurred: raw materials purchases $56,200, direct labor $50,350, manufacturing overhead $22,520. The specific overhead costs were: indirect labor $5,770, factory insurance $4,320, machinery depreciation $4,670, machinery repairs $2,230, factory utilities $3,870, and miscellaneous factory costs $1,660. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020. ROBERTS COMPANY Cost of Goods Manufactured Schedule For the Month Ended June 30, 2020 Work in Process Inventory, June 1 5560 Direct Materials Raw Materials Inventory, June 1 9250 Raw Materials Purchases 56200 Total Raw Materials Available for Use 65450 Less Raw Materials Inventory, June 30 17680 Direct Materials Used 47700 Direct Labor 50350 Manufacturing Overhead Indirect Labor 5770 Factory Insurance 4320 Machinery Depreciation 4670 JHHHHI Factory Utilities 3870 Machinery Repairs 2230 Miscellaneous Factory Costs 1660 Factory Utilities 3870 Machinery Repairs 2230 Miscellaneous Factory Costs 1660 X Total Manufacturing Costs 22520 X Total Manufacturing Overhead 120570 Total Cost of Work in Process 126130 X Less Work in Process Inventory, June 30 8330 Cost of Goods Manufactured 117800 (b) Show the presentation of the ending inventories on the June 30, 2020, balance sheet. ROBERTS COMPANY (Partial) Balance Sheet June 30, 2020 Current Assets Inventories Finished Goods 6270 Work in Process 8300 Raw Materials 17680
