Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following accounts contain information about January's production for Brotto Bold Industries. begin{tabular}{|c|c|} hline multicolumn{2}{|c|}{ Raw Materials } hline Debit & Credit hline
The following accounts contain information about January's production for Brotto Bold Industries. \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Raw Materials } \\ \hline Debit & Credit \\ \hline 24,785 & 75,696 \\ \hline 68,541 & \\ \hline 17,630 & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Direct Materials } \\ \hline Debit & Credit \\ \hline 68,542 & 68,542 \\ \hline & \\ \hline \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Direct Labor } \\ \hline Debit & \multicolumn{1}{|c|}{ Credit } \\ \hline & 39,965 \\ & 4,185 \\ \hline & 44,150 \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Work In Process } \\ \hline Debit & Credit \\ \hline 29,856 & 157,852 \\ \hline 68,542 & \\ \hline 44,150 & \\ \hline 41,174 & \\ \hline 25,870 & \\ \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Finished Goods } \\ \hline Debit & Credit \\ \hline 32,585 & 174,585 \\ 157,852 & \\ & \\ & \\ \hline 15,852 & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Cost of Goods Sold } \\ \hline Debit & Credit \\ \hline 174,585 & \\ & \\ & \\ \hline 174,585 & \\ \hline \hline \end{tabular} \begin{tabular}{|c|r|} \hline \multicolumn{2}{|c|}{ Sales Revenue } \\ \hline Debit & \multicolumn{1}{c|}{ Credit } \\ \hline & 256,963 \\ \hline & 256,963 \\ \hline \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Selling and Admin Expense } \\ \hline Debit & Credit \\ \hline 29,875 & \\ 11,462 & \\ \hline 41,337 & \\ \hline \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Manufacturing Overhead } \\ \hline \multicolumn{1}{|c|}{ Debit } & \multicolumn{1}{c|}{ Credit } \\ \hline 7,154 & 41,174 \\ 34,578 & \\ \hline 558 & \\ \hline \hline \end{tabular} Required: 1. Prepare a Schedule of Cost of Goods Manufactured. Note: Negative amounts or amounts to be deducted should be input and displayed as negative values. All other answers should be input and displayed as positive values. The following accounts contain information about January's production for Brotto Bold Industries. \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Raw Materials } \\ \hline Debit & Credit \\ \hline 24,785 & 75,696 \\ \hline 68,541 & \\ \hline 17,630 & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Direct Materials } \\ \hline Debit & Credit \\ \hline 68,542 & 68,542 \\ \hline & \\ \hline \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Direct Labor } \\ \hline Debit & \multicolumn{1}{|c|}{ Credit } \\ \hline & 39,965 \\ & 4,185 \\ \hline & 44,150 \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Work In Process } \\ \hline Debit & Credit \\ \hline 29,856 & 157,852 \\ \hline 68,542 & \\ \hline 44,150 & \\ \hline 41,174 & \\ \hline 25,870 & \\ \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Finished Goods } \\ \hline Debit & Credit \\ \hline 32,585 & 174,585 \\ 157,852 & \\ & \\ & \\ \hline 15,852 & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Cost of Goods Sold } \\ \hline Debit & Credit \\ \hline 174,585 & \\ & \\ & \\ \hline 174,585 & \\ \hline \hline \end{tabular} \begin{tabular}{|c|r|} \hline \multicolumn{2}{|c|}{ Sales Revenue } \\ \hline Debit & \multicolumn{1}{c|}{ Credit } \\ \hline & 256,963 \\ \hline & 256,963 \\ \hline \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Selling and Admin Expense } \\ \hline Debit & Credit \\ \hline 29,875 & \\ 11,462 & \\ \hline 41,337 & \\ \hline \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Manufacturing Overhead } \\ \hline \multicolumn{1}{|c|}{ Debit } & \multicolumn{1}{c|}{ Credit } \\ \hline 7,154 & 41,174 \\ 34,578 & \\ \hline 558 & \\ \hline \hline \end{tabular} Required: 1. Prepare a Schedule of Cost of Goods Manufactured. Note: Negative amounts or amounts to be deducted should be input and displayed as negative values. All other answers should be input and displayed as positive values
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