Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information is supplied for Lexington Corporation. Work in process, January 1, 20-- $85,000 Materials inventory, January 1, 20-- 47,200 Materials purchases 50,800 Materials
The following information is supplied for Lexington Corporation.
Work in process, January 1, 20-- | $85,000 |
Materials inventory, January 1, 20-- | 47,200 |
Materials purchases | 50,800 |
Materials inventory, December 31, 20-- | 48,200 |
Direct labor | 54,700 |
Factory overhead | 21,000 |
Work in process, December 31, 20-- | 64,400 |
Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--.
Work in process, January 1, 20-- | $fill in the blank 1 | ||
Direct laborFactory overheadMaterials inventory, December 31, 20--Materials inventory, January 1, 20--Wages | $- Select - | ||
Factory overheadMaterials purchasesWagesWork in process, December 31, 20--Work in process, January 1, 20-- | - Select - | ||
Materials available for use | $fill in the blank 6 | ||
Materials inventory, December 31, 20--Materials inventory, January 1, 20--Materials purchasesOverheadWages | - Select - | ||
Cost of materials used | $fill in the blank 9 | ||
Direct laborMaterials inventory, January 1, 20--Materials purchasesSalesWages | - Select - | ||
Factory overheadMaterials purchasesSalesWagesWork in process, December 31, 20-- | - Select - | ||
Total manufacturing costs | fill in the blank 14 | ||
Total work in process during the period | $fill in the blank 15 | ||
Factory overheadMaterials inventory, December 31, 20--Materials inventory, January 1, 20--Materials purchasesWork in process, December 31, 20-- | - Select - | ||
Cost of goods manufactured | $fill in the blank 18 |
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