Following is the statement of cost of goods manufactured for Vermont Manufacturing Company.

Required
1. Journalize, using page 116 of the general journal, the adjusting entries for Raw Materials Inventory and Work-in-Process Inventory.
2. Journalize the closing entries for manufacturing costs.
3. Post the entries to the Manufacturing Summary account, No. 511.
4. Journalize and post the entry to close the Manufacturing Summaryaccount.

Transcribed Image Text:

Venmont Manufacturing Company Statement of Cost of Goods Manufactured For Year Ended December 31, 20 Work-in-Prooess Inventory, January 1.20 Raw Materials: $ 228,000 Raw Matoriais Inventory, January 1, 20- Raw Materials Purchases (net) Cost of Raw Materials Available for Use Less Raw Materials Inventory, December 31, 20 Cost of Raw Materials Used s 575,000 741,000 $1,316,000 503,500 812,500 1,140,000 Direct Labor Manufacturing Overhead: Indirect Labor Supervisory Salarles Depreciation Expense, Factory Equipment Hoat, Light, and Power Depreciation Expense, Factory Building Repairs and Maintenance Factory Supplios Used Factory Insurance Expired Property Tax on Factory Building Miscellaneous Factory Costs Total Manufacturing Overhead s 209,000 180,500 123,500 36,100 35.720 26,980 22,800 16,720 13,680 12.160 677,160 Total Manufacturing Costs Total Coet of Work-in-Process During Period Less Work-in-Process Iventory, December 31,20- Cost of Goods Manufactured 2,629,660 $2,857660 494,000 $2,363,660