Student Name December 31. (20 Points) as of December 31 follows. Prepare a mamaf
ID: 2568911 • Letter: S
Question
Student Name December 31. (20 Points) as of December 31 follows. Prepare a mamafacturing atement for the year Administrative salaries preciation of factory equipment.25,000 tion of delivery vehicles Direct labor.... Factory supplies used. Finished goods inventory, January.. Finished goods inventory, December 31. 9,000 $7,000 Interest expens. Factory utilities 15,500 12,000 14,000 Factory maintenance.. 7,500 Raw materials inventory, January.. 5,000 Raw materials inventory, December 31.4,000 125,000 25,000 11,500 Raw material purchases Rent on factory building Repairs of factory equipmen. Sales commissions 37,500 Goods in process inventory, January .3,500 Goods in process inventory, December 3 2,700Explanation / Answer
Manufacturing Statement for the year ending December 31:
$ $ Raw Materials Used in Production Raw Materials Inventory , January 1 5,000 Add: Raw Materials Purchased 125,000 Less: Raw Materials Inventory, December 31 (4,000) 126,000 Direct Labor 68,000 Prime Cost 194,000 Manufacturing Overheads Factory Supplies Used 9,000 Depreciation on Factory Equipment 25,000 Factory Insurance 15,500 Factory Utilities 14,000 Factory Maintenance 7,500 Rent on Factory Building 25,000 Repairs of Factory Equipment 11,500 107,500 Total Manufacturing Cost 301,500 Goods in Process, January 1 3,500 Works Cost ( Gross) 305,000 Less: Goods in Process, December 31 (2,700) Cost of Goods Manufactured 302,300 Finished Goods Inventory, January 1 57,000 Cost of Goods Available for Sale 359,300 Less : Finished Goods Inventory, December 31 ? Cost of Goods Sold ??