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31 July, 10:49

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9,500 $16,180 Work in process 5,670 8,560 Finished goods 9,700 6,800 Costs incurred: raw materials purchases $58,740, direct labor $50,330, manufacturing overhead $23,960. The specific overhead costs were: indirect labor $6,740, factory insurance $4,430, machinery depreciation $4,720, machinery repairs $2,290, factory utilities $3,840, and miscellaneous factory costs $1,940. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.

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  1. 31 July, 12:57
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    Cost of goods manufactured $ 123,460

    Cost of goods sold: $ 126,360

    Explanation:

    Raw materials

    beginning 9500

    purchased 58740

    ending (16180)

    used in production 52060

    cost added

    materials 52060

    direct materials 50330

    overhead 23960

    total 126350

    COGM

    beginning WIP 5670

    added 126350

    ending WIP (8560)

    COGM 123460

    COGS

    beginning FG 9700

    COGM 123460

    ending FG (6800)

    COGS 126360
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