Exercise 14-15 (Algo) Schedule of cost of goods manufactured and cost of goods sold LO P2

Beck Manufacturing reports the following information in T-accounts for the current year.

Raw Materials Inventory
Debit		Credit
Beginning	13,000
Purchases	46,000
Available for use	59,000
		DM used	50,500
Ending	8,500

Work in Process Inventory
Debit		Credit
Beginning	14,000
DM used	50,500
Direct labor	29,900
Overhead	57,000
	151,400
		Cost of goods manufactured	138,300
Ending	13,100

Finished Goods Inventory
Debit		Credit
Beginning	17,200
Cost of goods manufactured	138,300
Available for sale	155,500
		Cost of goods sold	136,700
Ending	18,800

Q1: Prepare the schedule of cost of goods manufactured for the year.

Q2:

  

Transcribed Image Text:

Direct materials: Beck Manufacturing Schedule of Cost of Goods Manufactured For Year Ended December 31 Raw materials available for use Direct materials used Factory overhead: Total manufacturing costs Total cost of work in process Cost of goods manufactured Direct materials: Beck Manufacturing Schedule of Cost of Goods Manufactured For Year Ended December 31 Raw materials available for use Direct materials used Factory overhead: Total manufacturing costs Total cost of work in process Cost of goods manufactured

Answer rating: 100% (QA)

Q 1 Schedule cost of goods manufactured Direct material Begin... View the full answer