Managerail Accouting

Problem 1 Chapter 16

Using the following data for Lion Company, complete the required Lion Company

Beginning finished goods inventory $14,000

Beginning goods in process inventory $16,500

Beginning raw material inventory $ 8,000

Rental cost on factory equipment $21,500

Direct Labor $ 26,000

Ending finished goods inventory $22,000

Ending goods in process inventory $27,500

Ending raw materials inventory $ 6,500

Factory utilities $8300

Factory supplied used $ 11,400

Indirect Labor $ 4250

Repairs-Factory equipment $6250

Raw materials purchases $ 39,000

Requires: Compute the company's cost of goods manufactured using the schedule provided

Direct material

Raw materials inventory, beginning balance ---------------------

Raw materials -----------------------------

Raw materials available for use -----------------------

Less raw materials inventory, ending balance ----------------------

Direct material used --------------------

Direct Labor -----------------------

Factory Overhead

------------------------------------------------------------ ---------------------

----------------------------------------------------------- -------------------

------------------------------------------------------------ --------------------

-------------------------------------------------------- --------------------

------------------------------------------------------------- ------------------

total factory overhead ---------------------

add goods in process inventory-------------------------balance

Total of goods in process -----------------------

Less goods in process inventory -------------------- -----------------------

Cost of goods--------------------- -----------------------

Compute the companys cost of goods sold using the schedule provided

Lion Company

Cost of goods sold Statement

For the year ended December 31, 2008

Cost of goods sold

Finished goods inventory ---------------------balance ----------------------------

Cost of goods manufactured --------------------

Goods available for sale -----------------------

Finished goods inventory-----------------balance -----------------------

Cost of goods----------------------- -------------------------

Can you help me to answer this charts thanks