Problem #1 Cost of Goods Manufactured, Manufacturing Statement (8 points)

Prepare the 2020 manufacturing statement for Briton Company using the following information:

Direct Raw materials used 2020 $ 190,500

Direct labor 63,150

Factory utilities 8,400

Factory supplies 5,200

Sales commissions 35,000

Factory depreciation expense 2,400

Indirect labor 8,000

Advertising expense 9,500

Work in process (Beginning Bal) Dec 31, 2019 157,600

Work in process (End Bal) Dec 31, 2020 142,750

Finished goods inventory (Beg Bal) Dec 31, 2019 265,000

Finished goods inventory (End Bal) Dec 31, 2020 194,500

Bonus (3points): What is the total Cost of Goods sold during 2020?________________

Problem #2. (8 points)

RC Corp. uses a job order cost accounting system. During the month of April, the following events occurred:. a. Raw materials requisitioned: Job 1: $4,200, Job 2: $7,500,

b. Assigned the factory payroll to jobs and overhead. Job 1:$7,000, Job 2: $9,800,

c. Overhead was assigned at a rate of 50% of direct labor cost.

Required: Determine the total cost of each job.

Problem #3. (5 points)

The following data are available for Osman Corp. for the current year:

Beginning inventory of goods in process	12,000 units
Ending inventory of goods in process	18,000 units, 30% complete with respect to materials
Units completed and transferred to
finished goods during the year	144,000 units

Using weighted average, calculate the equivalent units of production with respect to materials for the year.

Problem # 4. (10 points)

Record journal entries for the following production activities (Accounts available from companys chart of accounts: Cash, Raw Materials Inventory, Goods in Process Inventory, Finished Goods Inventory, Factory Payroll, Factory Overhead, Sales, Cost of Goods Sold) :

a. Purchased $100,000 of raw materials for cash

b. Used $45,000 of direct materials in production

c. Used $33,500 of indirect materials

d. Paid $25,000 of direct labor in production

e. Applied overhead at 120% of direct labor costs.

Direct Materials used Direct Labor Factory overhead costs: Total Factory Overhead Total Manufacturing Costs Add Work in Process, Beginning Total Cost of Work In Process Less Work In Process, Ending Cost of Goods Manufactured Job Cost Sheet Job 1 Direct Direct Applied Materials Labor Overhead Total Job Cost $ Job Cost Sheet Job 2 Direct Direct Applied Materials Labor Overhead Total Job Cost $