Given the following selected account balances of Shanta Company. Sales $1,298,000 Raw materials...
Question:
Given the following selected account balances of Shanta Company.
| Sales | $1,298,000 |
| Raw materials inventory, Dec 31, 2012 | 37,000 |
| Goods in process inventory, Dec 31, 2012 | 53,400 |
| Finished goods inventory, Dec 31, 2012 | 66,000 |
| Raw materials purchases | 158,600 |
| Direct labor | 233,000 |
| Factory computer supplies used | 18,200 |
| Indirect labor | 43,000 |
| Repairs - Factory equipment | 5,250 |
| Rent cost of factory building | 53,000 |
| Advertising expense | 107,000 |
| General and administrative expenses | 143,000 |
| Raw materials inventory, Dec 31, 2013 | 44,700 |
| Goods in process inventory, Dec 31, 2013 | 47,900 |
| Finished goods inventory, Dec 31, 2013 | 70,800 |
Prepare its manufacturing statement for the year ended on December 31, 2013
Manufacturing Statement:
The manufacturing statement lets us compute the cost of goods manufactured. In other words, it shows the cost of the product made. This cost can be computed by subtracting the ending goods in process inventory from the total manufacturing cost and the beginning goods in process inventory.
Answer and Explanation: 1
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View this answer| Shanta Company | ||
|---|---|---|
| Manufacturing Statement | ||
| For the year ended December 31, 2013 | ||
| Direct materials: | ... | |
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Product Costs in Accounting: Definition & Examples
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Chapter 2 / Lesson 13
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Production costs are the cumulative costs of manufacturing products, including labor, materials, and overhead. Explore the details of period costs and how product costs affect financial statements through examples.
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