Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare a cost of goods manufactured schedule and present the ending inventories on the balance sheet An analysis of the accounts of Roberts Company reveals
Prepare a cost of goods manufactured schedule and present the ending inventories on the balance sheet | |||||||||||
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended | |||||||||||
June 30, 2017. | |||||||||||
Inventories | Beginning | Ending | |||||||||
Raw materials | $9,000 | $13,100 | |||||||||
Work in process | 5,000 | 7,000 | |||||||||
Finished goods | 9,000 | 8,000 | |||||||||
Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific | |||||||||||
overhead costs were: indirect labor $5,500, factory insurance, $4,000, machinery depreciation $4,000, machinery | |||||||||||
repairs $1,800, factory utilities $3,100, miscellaneous factory costs $1,500. Assume that all raw materials used were | |||||||||||
direct materials. | |||||||||||
Instructions | |||||||||||
(a) | Prepare the cost of goods manufactured schedule for the month ended June 30, 2017. | ||||||||||
(b) | Show the presentation of the ending inventories on the June 30, 2017 balance sheet. | ||||||||||
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . | |||||||||||
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