Answer:
Beck Manufacturing
1. Schedule of the Cost of Goods Manufactured for the year:
Beginning WIP Inventory 16,000
Direct Materials used 48,000
Direct labor 31,100
Overhead applied 57,000
Total manufacturing costs 152,100
Less Ending WIP Inventory 13,900
Cost of goods manufactured 138,200
2. Cost of goods sold for the year:
Beginning Finished Goods 17,200
Cost of goods manufactured 138,200
Goods available for sale 155,400
Less Ending Finished Goods 18,900
Cost of Goods Sold 136,500
Explanation:
a) Data and Calculations:
T-account form for 2019.
Raw Materials Inventory
Account Title Debit Credit
Begin. Inv. 11,600
Purchases 57,000
DM used 48,000
End. Inv. 20,600
Avail. for use 68,600 68,600
Work in Process Inventory
Account Title Debit Credit
Begin. Inv. 16,000
DM used 48,000
Direct labor 31,100
Overhead 57,000
Cost of goods manuf. 138,200
End. Inv. 13,900
Manuf. costs 152,100 152,100
Finished Goods Inventory
Account Title Debit Credit
Begin. Inv. 17,200
Cost of goods
manufacture 138,200
Cost of Goods Sold 136,500
End. Inv. 18,900
Avail. for sale 155,400 155,400
