Question: I do not understand how to figure out the missing numbers? where to start Cost of Goods Manufactured and Sold The following data relate to
I do not understand how to figure out the missing numbers? where to start
Cost of Goods Manufactured and Sold
The following data relate to three independent production periods of Riverside Manufacturing Company. Missing data are indicated by question marks.
ABC
Materials:Beginning inventory$ 104$ 328$ 220
Purchases?1,4001,000
Ending inventory148200?
Total material used660?880
Direct labor1,1601,9201,600
Manufacturing overhead
Indirect material192?240
Indirect labor320300700
Other?400680
Total manufacturing overhead1,040960?
Work in process inventories:Beginning?180520
Ending140?200
Finished goods inventories:Beginning?800160
Ending670240660
Cost of goods manufactured2,768??
Cost of goods sold2,6784,648 ?
Using the above data, determine the missing amounts. (You should set up a schedule of cost of goods manufactured and sold, fill in the known data, and calculate the missing amounts.)
Do not usenegative signs with any of your answers.
Schedule of Cost of Goods Manufactured and SoldABC
Direct Material:Beginning materials inventory$ 104$ 328$ 220
Cost of materials purchasedAnswer
Answer
Answer
Cost of material availableAnswer
Answer
Answer
Less: Ending materials inventoryAnswer
Answer
Answer
Total material usedAnswer
Answer
Answer
Less: Indirect material usedAnswer
Answer
Answer
Direct material usedAnswer
Answer
Answer
Direct labor1,1601,9201,600Manufacturing overhead:Indirect materialAnswer
Answer
Answer
Indirect laborAnswer
Answer
Answer
Other manufacturing overheadAnswer
Answer
Answer
Total manufacturing overheadAnswer
Answer
Answer
Total manufacturing costsAnswer
Answer
Answer
Add: Beginning work in process inventoryAnswer
Answer
Answer
Total cost of work in processAnswer
Answer
Answer
Less: Ending work in process inventoryAnswer
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Answer
Cost of goods manufacturedAnswer
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Answer
Add: Beginning finished goods inventoryAnswer
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Answer
Cost of goods availableAnswer
Answer
Answer
Less: Ending finished goods inventoryAnswer
Answer
Answer
Cost of goods soldAnswer
Answer
Answer
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