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The following data from the just-completed year are taken from the accounting records of Eccles Company: Sales $ 643,000 Direct labour cost 90,000 Raw material
The following data from the just-completed year are taken from the accounting records of Eccles Company:
Sales | $ | 643,000 | |
Direct labour cost | 90,000 | ||
Raw material purchases | 132,000 | ||
Selling expenses | 100,000 | ||
Administrative expenses | 43,000 | ||
Manufacturing overhead applied to work in process | 210,000 | ||
Actual manufacturing overhead costs | 220,000 | ||
Inventory | Beginning of Year | End of Year | ||||
Raw materials | $ | 8,000 | $ | 10,000 | ||
Work in process | 5,000 | 20,000 | ||||
Finished goods | 70,000 | 25,000 | ||||
Required:
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
2. Prepare a schedule of cost of goods sold.
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