Question

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9,500 $16,180 Work in process 5,670 8,560 Finished goods 9,700 6,800 Costs incurred: raw materials purchases $58,740, direct labor $50,330, manufacturing overhead $23,960. The specific overhead costs were: indirect labor $6,740, factory insurance $4,430, machinery depreciation $4,720, machinery repairs $2,290, factory utilities $3,840, and miscellaneous factory costs $1,940. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.

Answer 1

Answer:

Cost of goods manufactured $  123,460

Cost of goods sold:                 $ 126,360

Explanation:

Raw materials

beginning            9500

purchased           58740

ending                  (16180)  

used in production   52060

cost added

materials         52060

direct materials 50330

overhead        23960  

total                126350

COGM

beginning WIP   5670

added                126350

ending WIP           (8560)  

COGM                 123460

COGS

beginning FG  9700

COGM               123460

ending FG          (6800)    

COGS               126360