Question

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2017 Inventory Beginning Ending Raw materials $9,180 $17,480Work in process 5,670 7,610 Finished goods 9,300 6,430Costs incurred: raw materials purchases $55,020, direct labor $51,740, manufacturing overhead $23,300. The specific overhead costs were: indirect labor $6,510, factory insurance $4,700, machinery depreciation $4,380, machinery repairs $1,990, factory utilities $3,740, and miscellaneous factory costs $1,980. Assume that all raw materials used were direct materials. Prepare the cost of goods manufactured schedule for the month ended June 30, 2017

Answer 1

Answer:

Cost of goods manufactured schedule for the month ended June 30, 2017

Raw Materials                                                 $46,720

Direct Labor                                                     $51,740

Manufacturing Overhead :

Indirect labor                                                     $6,510

Factory insurance                                            $4,700

Machinery depreciation                                  $4,380

Machinery repairs                                             $1,990

Factory utilities                                                 $3,740

Miscellaneous factory costs                            $1,980

Add Opening Work in process Inventory      $5,670

Less Closing Work in process Inventory       ($7,610)

Cost of goods manufactured                       $119,820

Explanation:

Cost of goods manufactured schedule is a summary of manufacturing costs for the production period.

Determination of Raw Materials In Production

Raw Materials T - Account

Debit :

Opening Balance                                     $9,180

Purchases                                              $55,020

Totals                                                     $64,200

Credit :

Work In Process (Balancing figure)       $46,720

Closing Balance                                      $17,480

Totals                                                      $64,200