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10.

Schoff Corporation has provided the following data for the mostrecent month:

Raw materials,beginning balance $ 10,100
Work in process,beginning balance $ 22,100
Finished goods,beginning balance $ 52,600
Transactions
(1) Raw materials purchases $ 75,400
(2)

Raw materials used in production (all direct materials)

 $ 78,900
(3)

Direct labor

 $ 72,300
(4) Manufacturing overhead costsincurred $ 82,600
(5)

Manufacturing overhead applied

 $ 76,200
(6) Cost of units completed andtransferred from work in process to finished goods $ 229,000
(7) Any overapplied or underappliedmanufacturing overhead is closed to cost of goods sold ?
(8) Finished goods are sold $ 262,000

Required:

Prepare T-accounts for Raw Materials, Work in Process, FinishedGoods, Manufacturing Overhead, and Cost of Goods Sold. Record thebeginning balances and each of the transactions listed above.Finally, determine the ending balances. (Record thetransactions in the given order. Omit the "$" sign in yourresponse.)

Raw Materials
Beg. bal (Click toselect)(4)(2)(3)(8)(7)(5)(1)(6)
(Click toselect)(6)(1)(5)(7)(4)(2)(8)(3)
End. bal

Work in Process
Beg. bal (Click toselect)(1)(6)(5)(7)(4)(2)(3)(8)
(Click toselect)34872615
(Click toselect)65187423
(Click toselect)43827561
End. bal

Finished Goods
Beg. bal (Click toselect)(1)(6)(7)(5)(3)(4)(8)(2)
(Click toselect)(2)(8)(3)(4)(7)(6)(1)(5)
End. bal

Manufacturing Overhead
(Click toselect)(3)(6)(4)(1)(2)(5)(7)(8) (Click toselect)(2)(5)(7)(4)(8)(1)(6)(3)
(Click toselect)(8)(7)(2)(5)(4)(1)(3)(6)

Cost of Goods Sold
(Click toselect)15746823
(Click toselect)72364185
End. bal

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Reid Wolff
Reid WolffLv2
28 Sep 2019

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Related questions

Messana Corporation reported the following data for the month of August:

Inventories: Beginning Ending
Raw materials $36,000 $24,000
Work in process $23,000 $17,000
Finished goods $37,000 $55,000
Additional information:
Raw materials purchases $69,000
Direct labor cost $94,000
Manufacturing overhead cost incurred $54,000
Indirect materials included in manufacturing overhead cost incurred $8,000
Manufacturing overhead cost applied to Work in Process $56,000



The adjusted cost of goods sold that appears on the income statement for August is:

A) $211,000

B) $209,000

C) $247,000

D) $229,000

Zachary Modems, Inc. acquired a subsidiary named Anywhere, Inc. (AI). AI manufactures a wireless modem that enables users to access the Internet through cell phones. The following trial balance was drawn from the accounts of the subsidiary:

Cash $ 184,600
Raw materials inventory 3,680
Work in process inventory 5,530
Finished goods inventory 6,450
Common stock $ 119,060
Retained earnings 81,200
Totals $ 200,260 $ 200,260

The subsidiary completed the following transactions during 2017:

1. Paid $55,380 cash for direct raw materials.

2. Transferred $46,160 of direct raw materials to work in process.

3. Paid production employees $73,860 cash.

4. Applied $48,910 of manufacturing overhead costs to work in process.

5. Completed work on products that cost $150,410.

6. Sold products that cost $131,950 for $167,950 cash. Record the recognition of revenue in a row labeled 6a and the cost of goods sold in a row labeled 6b.

7. Paid $18,450 cash for selling and administrative expenses.

8. Actual overhead costs paid in cash amounted to $50,710.

9. Closed the Manufacturing Overhead account. The amount of over- or underapplied overhead was insignificant (immaterial).

10. Made a $4,580 cash distribution to the owners

REQUIRED

A. Prepare a schedule of cost of goods manufactured and sold.

ANYWHERE, INC.
Schedule of Cost of Goods Manufactured and Sold
For Year Ended December, 31 2017
Beginning raw materials inventory
Purchases
Raw materials available for use 0
Ending raw materials inventory
Direct raw materials used 0
Direct labor
Manufacturing overhead
Total manufacturing costs 0
Beginning work in process inventory
Total work in process inventory 0
Ending work in process inventory
Cost of goods manufactured 0
Beginning finished goods inventory
Cost of goods available for sale 0
Ending finished goods inventory
Cost of goods sold $0

Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 213,000 Purchases of raw materials $ 268,000 Direct labor ? Administrative expenses $ 154,000 Manufacturing overhead applied to work in process $ 331,000 Total actual manufacturing overhead costs $ 351,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 58,000 $ 39,000 Work in process ? $ 31,000 Finished goods $ 31,000 ? The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $35,000. The company’s overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Required: a. Prepare a schedule of cost of goods manufactured. b. Prepare a schedule of cost of goods sold. c. Prepare an income statement for the year.

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