The following cost and inventory data for the just completed year are taken from the accounting records of Eccles Company: Costs incurred: Advertising expense . . . . . . . . . . . . . . . .
The following cost and inventory data for the just completed year are taken from the accounting records of Eccles Company:
Costs incurred:
Advertising expense . . . . . . . . . . . . . . . . . . . . $100,000
Direct labor cost . . . . . . . . . . . . . . . . . . . . . . . $90,000
Purchases of raw materials . . . . . . . . . . . . . . $132,000
Rent, factory building . . . . . . . . . . . . . . . . . . . $80,000
Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . $56,300
Sales commissions . . . . . . . . . . . . . . . . . . . . . $35,000
Utilities, factory . . . . . . . . . . . . . . . . . . . . . . . . $9,000
Maintenance, factory equipment . . . . . . . . . . $24,000
Supplies, factory . . . . . . . . . . . . . . . . . . . . . . . $700
Depreciation, office equipment . . . . . . . . . . . . $8,000
Depreciation, factory equipment . . . . . . . . . . . $40,000
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Required:
1. Prepare a schedule of cost of goods manufactured.
2. Prepare the cost of goods sold section of Eccles Company's income statement for theyear.
Beginning of Year End of Year Inventories Raw materials.__. Work in process.. Finished goods $8,000 $5,000 000 $10,000 $20,000 $25,000 $70,
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1 Eccles Company Schedule of Cost of Goods Manufactured Direct materials Raw materials inve…View the full answer
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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