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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Business

Alice

20 February, 04:16

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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Lorelei Roach · Answer 1

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