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pav-90 [236]
2 years ago
9

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2022.

Business
1 answer:
dmitriy555 [2]2 years ago
4 0

a. The Cost of Goods Manufactured Schedule for the month ended June 30, 2022 can be prepared as follows:

Cost of Goods Manufactured Schedule

Work in Process Beginning         $5,000

Raw materials purchase              49,900

Direct labor                                   47,000

Manufacturing Overhead             19,900

Total costs incurred                  $121,800

Ending balance                           ($7,000)

Cost of goods manufactured $114,800

b. The presentation of the ending inventories on the June 30, 2022 balance sheet will be showed as follows:

Current Assets:

Inventory:

Raw materials     $13,100

Work in process    7,000

Finished goods     8,000   $28,100

Data Analysis:

Inventory         Beginning    Ending

Raw materials     $9,000     $13,100

Work in process   5,000        7,000

Finished goods    9,000        8,000

Costs incurred:

Raw materials $54,000

Direct labor $47,000

Manufacturing overhead $19,900

The specific overhead costs were:

Indirect labor                                $5,500

Factory insurance                        $4,000

Machinery depreciation              $4,000

Machinery repairs                        $1,800

Factory utilities                             $3,100

Miscellaneous factory costs        $1,500

Total manufacturing overhead $19,900

T-accounts:

Raw materials

Account Titles         Debit     Credit

Beginning    $9,000

Purchases    54,000

Work in Process          $49,900

Ending                            $13,100

Work in Process

Account Titles         Debit     Credit

Beginning        $5,000

Raw materials 49,900

Direct labor     47,000

M/Overhead    19,900

Finished Goods        $114,800

Ending balance           $7,000

Finished Goods

Account Titles         Debit     Credit

Beginning balance $9,000

Work in Process     114,800

Cost of Goods Sold          $115,800

Ending balance                   $8,000

Thus, the total cost of goods manufactured for the month ended June 30, 2022 is $114,800.

Related link for computing the cost of goods manufactured at brainly.com/question/14686513

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2 years ago
Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory cos
Elenna [48]

Answer:

1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods:

A. Last-in, first-out:

  • cost of goods available for sale = $20,230
  • cost of goods sold = $12,315
  • ending inventory = $7,915

B. Weighted average cost:  

  • cost of goods available for sale = $20,230
  • cost of goods sold = $11,543
  • ending inventory = $8,687

C. First-in, first-out:

  • cost of goods available for sale = $20,230
  • cost of goods sold = $10,675
  • ending inventory = $9,555

D. Specific identification, assuming that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30:

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  • cost of goods sold = $11,379
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2A. Of the four methods, which will result in the highest gross profit?

  • First-in, first-out , since COGS is lowest

2B. Of the four methods, which will result in the lowest income taxes?

  • Last-in, first-out , since COGS are highest

Explanation:

Beginning inventory, January 1 240 $21  = $5,040

A. Purchase on account, March 2 320 $23 = $ 7,360

C. Purchase on account, June 30 290 $27  = $7,830

total 850 units, $20,230

B. Cash sale, April 1 ($37 each) (390)

D. Cash sale, August 1 ($37 each) (95)

total units sold 485 units

COGS:

LIFO = (290 x $27) + (195 x $23) = $7,830 + $4,485 = $12,315

FIFO = (240 x $21) + (245 x $23) = $5,040 + $5,635 = $10,675

WA = ($20,230 / 850) x 485 = $11,543

SI = (78 x $21) + (312 x $23) + (95 x $27) = $1,638 + $7,176 + $2,565 = $11,379

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Please see the complete question below.

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C. closed recruitment

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