Given the following selected account balances of Delray Mfg. Sales $ 1,134,000 Raw materials...
Question:
Given the following selected account balances of Delray Mfg.
| Sales | $ 1,134,000 |
| Raw materials inventory, Dec. 31, 2014 | 39,000 |
| Work in process inventory, Dec. 31, 2014 | 50,100 |
| Finished goods inventory, Dec. 31, 2014 | 69,100 |
| Raw materials purchases | 154,700 |
| Direct labor | 241,000 |
| Factory computer supplies used | 15,700 |
| Indirect labor | 60,000 |
| Repairs–Factory equipment | 5,250 |
| Rent cost of factory building | 57,000 |
| Advertising expense | 89,000 |
| General and administrative expenses | 139,000 |
| Raw materials inventory, Dec. 31, 2015 | 43,400 |
| Work in process inventory, Dec. 31, 2015 | 46,100 |
| Finished goods inventory, Dec. 31, 2015 | 68,900 |
Prepare its schedule of cost of goods manufactured for the year ended on December 31, 2015.
Cost of Goods Manufactured:
The cost of goods manufactured tells us the cost incurred for goods to be put into production and already completed. It is the cost to be transferred to the finished goods inventory.
Answer and Explanation: 1
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View this answer| Delray Mfg. | ||
|---|---|---|
| Schedule of Cost of Goods Manufactured | ||
| For the year ended on December 31, 2015 | ||
| Raw... | ||
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Cost Classifications on Goods & Inventory Statements
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Chapter 4 / Lesson 4
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Cost classifications and accounting rely on accurate records of raw materials, work-in-process (WIP), and finished goods. Learn how these factors are calculated to determine the net income of a company.
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