The following cost and inventory data are taken from the accounting records of NorthCo for the...
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The following cost and inventory data are taken from the accounting records of NorthCo for the year just completed: Costs incurred: Manufacturing overhead Direct labor cost Purchases of raw materials Advertising expense Sales salaries Depreciation, office equipment Inventories: Raw materials Work in process Finished goods a) Prepare a schedule of cost of goods manufactured. Beginning of the Year NorthCo Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning... Purchases of raw materials Raw materials available for use Raw materials inventory, ending Raw materials used in production Direct labor Manufacturing overhead Total manufacturing costs Work in process, beginning balance Total cost of work in process $3,000 12,000 25,000 Work in process, ending balance... Cost of goods manufactured $63,000 100,000 430,000 19,000 3,000 130,000 End of the Year $9,000 4,000 22,000 b) Prepare the cost of goods sold section of North Co's income statement for the year. Beginning finished goods inventory Cost of goods manufactured Goods available for sale Ending finished goods inventory. Cost of goods sold The following cost and inventory data are taken from the accounting records of NorthCo for the year just completed: Costs incurred: Manufacturing overhead Direct labor cost Purchases of raw materials Advertising expense Sales salaries Depreciation, office equipment Inventories: Raw materials Work in process Finished goods a) Prepare a schedule of cost of goods manufactured. Beginning of the Year NorthCo Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning... Purchases of raw materials Raw materials available for use Raw materials inventory, ending Raw materials used in production Direct labor Manufacturing overhead Total manufacturing costs Work in process, beginning balance Total cost of work in process $3,000 12,000 25,000 Work in process, ending balance... Cost of goods manufactured $63,000 100,000 430,000 19,000 3,000 130,000 End of the Year $9,000 4,000 22,000 b) Prepare the cost of goods sold section of North Co's income statement for the year. Beginning finished goods inventory Cost of goods manufactured Goods available for sale Ending finished goods inventory. Cost of goods sold
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Calculations Raw materials available for use 3000 beginning 430000 purchases 433000 Raw materials in... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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