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Please answer this question and explain how you solved it, thank you!Chrome File Edit View History Bookmarks People Window Help M inbox (172) . nacolom boew -My Grades-BMG 140: Intro C BAG 1 1 1 Winter 2018 DL sc a Learning Urits-ACC 122. × x x CSecure https://mybusinesscourse.com/platform/mod/quizjattempt.php?attempt 1579755 BusinessCo urse E Menu Schedule of Cost of Goods Manufactured and Sold At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016: Materials inventory, January 1 Materials inventory, December 31 Work in process inventory, January 1 25.000 15,000 30,000 Work in process inventory, December 3141,000 51,000 Finished goods inventory. December 31 36.000 Net delivered cost of materials purchased 125.000 148,000 12,000 37,000 10,000 65,000 21,000 62,000 Non-factory administrative expenses (hotal 58.000 Finished goods inventory, January 1 Direct labor Indirect labor Factory supplies used Factory depreciation Factory repairs and maincenance Seling expenses total Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31 2016, assuming that there were no other manufacturing overhead items than those listed above Do not use negative signs with any of your answers Lederman Manufacturing Cerporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2016 Direct material Beginning macerials inventory
Explanation / Answer
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particulars Amt.$ Direct Material : Material consumed Beginning material inventory 25000 add cost of material purcahsed 125000 Material available for consumption 150000 less Closing stock of material 15000 Material consumed 135000 Direct labour 148000 Prime Cost 283000 Add Factory overheads Indirect Material: 12000 Indirect Labour 37000 Factory supplies used 10000 Factory Depriciation 65000 Factory repair & Maintinance 21000 Factory cost Gross 428000 add WIP opening 30000 less WIP Closing 41000 Works or Factory cost Net/total manufacturing cost 417000 Office and administrative overheads 58000 Cost of production 475000 add opening stock of Finished Goods 51000 less Closing stock of Finished goods 36000 Cost of goods sold 490000 add selling expense 62000 Cost of sales 552000