Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bourne Manufacturing Company: Administrative salaries (non-factory) $105,000 Administrative rent

Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bourne Manufacturing Company:

Administrative salaries (non-factory) $105,000
Administrative rent (non-factory) 52,500
Advertising and promotion expense 61,500
Depreciation-administrative 33,000
Depreciation-factory 45,000
Depreciation-selling 25,500
Direct labor 262,500
Factory rent 27,000
Factory supplies used 18,000
Finished goods inventory (January 1) 85,500
Finished goods inventory (December 31) 78,000
Indirect material used 21,000
Indirect labor 28,500
Materials inventory (January 1) 19,500
Materials inventory (December 31) 30,000
Net delivered cost of materials purchased 207,000
Other factory overhead 39,000
Sales 1,267,500
Sales salaries expense 108,000
Work in process inventory (January 1) 27,000
Work in process inventory ( December 31) 46,500

Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers.

Bourne Manufacturing Company Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016
Direct material:
Beginning materials inventory Answer
Cost of materials purchased, Ending materials inventory, Indirect materials used, Beginning work in process inventory, Ending work in process inventory, Beginning finished goods inventory or Ending finished goods inventory Answer
Cost of material available Answer
Less: Cost of materials purchased, Ending materials inventory, Indirect materials used, Beginning work in process inventory, Ending work in process inventory, Beginning finished goods inventory or Ending finished goods inventory Answer
Total materials used Answer
Less: Cost of materials purchased, Ending materials inventory, Indirect materials used, Beginning work in process inventory, Ending work in process inventory, Beginning finished goods inventory or Ending finished goods inventory Answer
Direct material used Answer
Direct labor Answer
Manufacturing overhead
Indirect material Answer
Indirect labor Answer
Factory supplies used Answer
Factory depreciation Answer
Factory rent Answer
Cost of materials purchased, Ending materials inventory, Indirect materials used, Beginning work in process inventory, Ending work in process inventory, Beginning finished goods inventory, Ending finished goods inventory or Other factory overhead Answer
Total manufacturing overhead Answer
Total manufacturing costs for the year Answer
Add: Cost of materials purchased, Ending materials inventory, Indirect materials used, Beginning work in process inventory, Ending work in process inventory, Beginning finished goods inventory, Ending finished goods inventory or Other factory overhead Answer
Total cost of work in process during the year Answer
Less: Cost of materials purchased, Ending materials inventory, Indirect materials used, Beginning work in process inventory, Ending work in process inventory, Beginning finished goods inventory, Ending finished goods inventory or Other factory overhead Answer
Cost of goods manufactured Answer
Add: Cost of materials purchased, Ending materials inventory, Indirect materials used, Beginning work in process inventory, Ending work in process inventory, Beginning finished goods inventory, Ending finished goods inventory or Other factory overhead Answer
Cost of goods available for sale Answer
Less: Cost of materials purchased, Ending materials inventory, Indirect materials used, Beginning work in process inventory, Ending work in process inventory, Beginning finished goods inventory, Ending finished goods inventory or Other factory overhead Answer
Cost of goods sold Answer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computerized Accounting With QuickBooks 2014

Authors: Kathleen Villani, James B. Rosa, Blanche Ettinger

1st Edition

0763860239, 9780763860233

More Books

Students also viewed these Accounting questions