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2 years ago

An incomplete cost of goods manufactured schedule is presented below.

Business

1 answer:

svlad2 [7]2 years ago

6 0

Completing the Cost of Goods Manufactured Schedule for Riverbed Company is as follows:

<h3>Cost of Goods Manufactured Schedule</h3>

Work in process (1/1) $222,600

Direct materials:

Raw materials inventory (1/1) $ 47,300

Add: Raw materials purchases 168,000

Total raw materials available for use $215,300

Less: Raw materials inventory (12/31) 24,500

Direct materials used $190,800

Direct labor $114,500

Manufacturing overhead:

Indirect labor 19,600

Factory depreciation 37,900

Factory utilities 72,600

Total overhead 130,100

Total manufacturing cost $658,000

Total cost of work in process $658,000

Less: Work in process (12/31) 85,600

Cost of goods manufactured $572,400

<h3>What is the Schedule of Cost of Goods Manufactured?</h3>

The Schedule of Cost of Goods Manufactured shows the costs of:

Beginning Work in Process
Raw materials used
Direct labor
Overhead
Less Ending Work in Process.

Thus, the Schedule of Cost of Goods Manufactured for Riverbed Company shows that the cost of goods manufactured for the period is <u>$572,400</u>.

Learn more about preparing the Schedule of Cost of Goods Manufactured at brainly.com/question/24257342

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Plush Corporation purchased 100 percent of Common Corporation’s common stock on January 1, 20X3, and paid $450,000. The fair val

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Answer:

Please refer the detail answer in the memo below

Explanation:

Date: 24 January 20XX

Subject: Review of Impairment of Goodwill

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However, if we follow the previous guidance of FASB, we have to test the impairment with the following three steps:

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Step 1: We will compute, implied value of goodwill by comparing the fair value of the reporting unit with the fair value of the identifiable net assets, if FV of net assets are higher, then there is no impairment, otherwise we will jump to Step 3.

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Apparently, since the fair value of Common had increased to $485,000, there is no need to recognize the impairment loss on goodwill; however we believe that the estimated fair value of Common is less than the $430,000 and therefore impairment should be recorded.

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2 years ago

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Answer:

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