Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available for Aikman Company. 2020 January 1, 2020 $25,760 17,120 27,190 December 31, 2020 $32,660 18,650 22,380 Raw materials inventory Work

image text in transcribedimage text in transcribedimage text in transcribed

The following information is available for Aikman Company. 2020 January 1, 2020 $25,760 17,120 27,190 December 31, 2020 $32,660 18,650 22,380 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue $154,290 225,040 181,220 902,490 (a) Your answer is correct. Compute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schedule Work-in-Process Inventory, 1/1 Direct Materials Raw Materials Inventory, 1/1 25760 Materials Purchased 154290 Materials Available for Use 180050 Less: Raw Materials Inventory, 12/31 32660 i Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Total Cost of Work-in-Process Inventory Less 4: Work-in-Process Inventory, 12/31 Cost of Goods Manufactured Compute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schedule ta 17120 $ 25760 154290 180050 32660 i $ $ 147390 225040 181220 553650 570770 18650 i $ 552120 e Textbook and Media Show the presentation of the ending inventories on the December 31, 2020, balance sheet. AIKMAN COMPANY (Partial) Balance Sheet $ $

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

Modern Auditing

Authors: Graham Cosserat

1st Edition

0471810584, 9780471810582

More Books

Students also viewed these Accounting questions