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Zolol [24]
3 years ago
8

The following selected account balances are provided for Delray Mfg. Sales $ 1,165,000 Raw materials inventory, beginning 35,000

Work in process inventory, beginning 58,500 Finished goods inventory, beginning 65,600 Raw materials purchases 184,800 Direct labor 249,000 Factory supplies used (indirect materials) 16,000 Indirect labor 48,000 Repairs—Factory equipment 5,250 Rent cost of factory building 52,000 Advertising expense 95,000 General and administrative expenses 130,000 Raw materials inventory, ending 40,100 Work in process inventory, ending 46,400 Finished goods inventory, ending 72,700 Prepare its schedule of cost of goods manufactured for the current year ended December 31.
Business
1 answer:
katovenus [111]3 years ago
8 0

Answer:

Cost of goods manufactured = $562,050

Explanation:

                    Delray Manufacturing

 Schedule of cost of goods manufactured

 For the current year ended December 31

Beginning Raw materials inventory        $35,000

Add: Raw materials purchases               <u>$184,800</u>

<em>Raw materials available for sale             $219,800</em>

<u>Less: Ending Raw materials inventory    $(40,100)</u>

Direct materials used                           = $179,700

<u>Direct labor                                              $249,000</u>

Primary cost                                            $428,700

<em>Add: Factory Overhead</em>

Factory supplies used           $16,000

Indirect labor                           48,000

Repairs—Factory equipment    5,250

Rent cost of factory building  <u>52,000                      </u>

<em>Total factory overhead cost                    </em><u><em>$121,250</em></u>

Total manufacturing cost                     $549,950

Add: Beginning work-in-process             $58,500

<u>Less: Ending work-in-process                $(46,400)</u>

Cost of goods manufactured              $562,050

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Explanation:

First, calculate the total Installment

Total Installment payment = Annual Installment x Numbers of annual

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Annual Installment = $10,500 per year

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Now use the following formula to calculate the Interest payent

Interest payment = Installment Payment - Fair value of contract

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Sue Bee Honey is one of the largest processors of its product for the retail market. Assume that one of its plants has annual fi
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3 0
3 years ago
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Answer:

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