1. Prepare a performance report showing both month and year-to-date data for Post Manufacturing's Machining Department for...
Question:
2. The following data was taken from the general ledger and other records of Marwick Manufacturing Co. at January31, the end of the first month of operations in the current fiscal year:
Sales............................................................................... $650,000
Inventories at January 31:
Materials inventory......................................................... 20,000
Work in process inventory.................................................. 32,000
Finished goods inventory................................................... 54,000
Inventories at January 1:
Materials...................................................................... 25,000
Work in process.............................................................. 29,000
Finished goods............................................................... 48,000
Materials purchased............................................................. 154,000
Labor Costs:
Assembly workers' wages.................................................. 185,000
Supervisors' salaries......................................................... 30,000
Sales personnel salaries...................................................... 52,000
Depreciation:
Factory building.............................................................. 73,000
Sales office .................................................................... 28,000
Indirect materials used............................................................ 3,000
Factory utilities..................................................................... 67,000
a. Prepare a statement of cost of goods manufactured.
b. Determine the cost of goods sold for the month.
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