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The following data were taken from the records of Talon Manufacturing Company for the year ended December 31. They are in no particular order. Prepare
The following data were taken from the records of Talon Manufacturing Company for the year ended December 31. They are in no particular order. Prepare a Statement of Cost of Goods Manufactured and answer the questions that follow. Factory Insurance 6,900 Factory Equipment Depreciation 10,200 Raw Material Inventory, beginning 52,700 Raw Material Inventory, ending 49,500 Finished Goods Inventory, beginning 101,000 Finished Goods Inventory, ending 82,100 WIP Inventory, beginning 10,200 WIP Inventory, ending 6,950 Direct Labor 166,720 Factory maintenance wages 17,950 Accounts receivable 42,300 Factory Utilities 13,400 Office Utilities 5,000 Sales Revenue 560,000 Sales Discounts 3,000 Plant Manager's Salary 95,000 Factory Property Taxes 7,200 Factory Repairs 1,350 RM purchases 72,100 Cash 97,000 Do not enter dollar signs. Do not enter decimal points or cents. Do use commas. If your answer is 1234567, enter it as 1,234,567 How many raw materials were available for use? How many raw materials were used? What is total manufacturing overhead? What are total manufacturing (product) costs? What is total WIP? What is total cost of goods manufactured
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