ACTG 2011 Lecture Notes - Inventory Control, Perpetual Inventory, Inventory Turnover
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Pirkl Corporation has providedthe following data for the month of March: |
Inventories | Beginning | Ending | ||
Raw materials | $ | 24,000 | $ | 39,000 |
Work in process | $ | 13,000 | $ | 20,000 |
Finished goods | $ | 46,000 | $ | 35,000 |
Additional Information:
Raw materialspurchases | $ | 78,000 |
Direct laborcost | $ | 84,000 |
Manufacturingoverhead cost incurred | $ | 43,000 |
Indirect materialsincluded in manufacturing overhead cost incurred | $ | 6,400 |
Manufacturingoverhead cost applied to work in process | $ | 44,600 |
Required: | |
Prepare a Schedule ofCost of Goods Manufactured and a Schedule of Cost of Goods Sold.(Input all amounts as positive values. Omit the "$" sign inyour response.) |
Schedule of Cost of Goods Manufactured | ||
Directmaterials: | ||
(Click to select)Beginning work inprocess inventoryBeginning finished goods inventoryEnding rawmaterials inventoryBeginning materials inventoryEnding work inprocess inventory | $ | |
(Click to select)DeductAdd : (Clickto select)Ending work in process inventoryBeginning work in processinventoryFinished goods inventory, beginningPurchases of rawmaterialsRaw materials inventory, ending | ||
Raw materials available for use | ||
(Click to select)DeductAdd : (Clickto select)Ending work in process inventoryPurchases of rawmaterialsBeginning materials inventoryEnding raw materialsinventoryBeginning work in process inventory | ||
Raw materials used in production | ||
(Click to select)DeductAdd : (Clickto select)Beginning work in process inventoryindirect materialsincluded in manufacturing overhead incurredRaw materials inventory,endingEnding work in process inventoryRaw materials inventory,beginning | ||
(Click toselect)Direct laborDirect materialsIndirect materialsIndirectlaborPurchase of raw materials | $ | |
(Click to select)Rawmaterials inventory, endingEnding work in process inventoryRawmaterials inventory, beginningDirect laborPurchases of rawmaterials | ||
(Click toselect)Manufacturing overhead applied to work in processinventoryBeginning work in process inventoryPurchases of rawmaterialsRaw materials inventory, beginningRaw materials inventory,ending | ||
Total manufacturingcosts | ||
(Click toselect)AddDeduct : (Click to select)Raw materials inventory,beginningRaw materials inventory, endingPurchases of rawmaterialsEnding work in process inventoryBeginning work in processinventory | ||
(Click toselect)DeductAdd : (Click to select)Beginning work in processinventoryRaw materials inventory, beginningRaw materials inventory,endingPurchases of raw materialsEnding work in processinventory | ||
Cost of goodsmanufactured | $ | |
Schedule of Cost of Goods Sold | |
(Click toselect)Cost of goods manufacturedCost of goods available forsaleFinished goods inventory, endingOverapplied overheadFinishedgoods inventory, beginning | $ |
(Click toselect)DeductAdd : (Click to select)Unadjusted cost of goodssoldOverapplied overheadCost of goods manufacturedCost of goodsavailable for saleUnderapplied overhead | |
(Click toselect)Unadjusted cost of goods soldCost of goods available forsaleCost of goods manufacturedFinished goods inventory,beginningFinished goods inventory, ending | |
(Click toselect)AddDeduct : (Click to select)Overapplied overheadCost ofgoods manufacturedEnding finished goods inventoryUnderappliedoverheadCost of goods available for sale | |
(Click toselect)Finished goods inventory, beginningUnderappliedoverheadFinished goods inventory, endingUnadjusted cost of goodssoldCost of goods manufactured | |
(Click toselect)AddDeduct : (Click to select)Overapplied overheadCost ofgoods manufacturedUnderapplied overheadFinished goods inventory,endingCost of goods available for sale | |
Adjusted cost ofgoods sold | $ |
The Zoe Corporation has thefollowing information for the month of March. Prepare a schedule ofcost of goods manufactured.
Purchases | $92,000 |
Materials inventory, March 1 | 6,000 |
Materials inventory, March 31 | 8,000 |
Direct labor | 25,000 |
Factory overhead | 37,000 |
Work in process, March 1 | 22,000 |
Work in process, March 31 | 18,500 |
Finished goods inventory, March 1 | 21,000 |
Finished goods inventory, March 31 | 25,000 |
Sales | 257,000 |
Sales and administrative expenses | 79,000 |
ANS:
Zoe Corporation | |||
Statement of Cost of Goods Manufactured Answer all in bold | |||
Work in process inventory March 1 | |||
Direct Materials: | |||
Materials inventory, March 1 | |||
Purchases | |||
Cost of materials for use | |||
Less materials inventory, March 31 | |||
Cost of materials placed inproduction | |||
Direct Labor | |||
Factory overhead | |||
Total manufacturing costs added | |||
Total manufacturing costs | |||
Less work in process inventory, March 31 | |||
Cost of goods manufactured |