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16 May, 08:06

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2017

Inventory Beginning Ending

Raw materials $9,180 $17,480

Work in process 5,670 7,610

Finished goods 9,300 6,430

Costs incurred: raw materials purchases $57,050, direct labor $51,080, manufacturing overhead $23,010. The specific overhead costs were: indirect labor $5,790, factory insurance $4,900, machinery depreciation $4,640, machinery repairs $2,290, factory utilities $3,450, 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, 2017.

b. Show the presentation of the ending inventories on the June 30, 2017, balance sheet.

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  1. 16 May, 11:20
    0
    The answers are given below;

    Explanation: Amount in $

    Raw materials-opening 9,180

    Raw Materials-ending (17,480)

    WIP-Opening 5,670

    WIP-Closing (7,610)

    Raw Materials-Purchases 57,050

    Direct Labor 51,080

    Manufacturing overheads 23,010

    Indirect labor 5,790

    Factory Insurance 4,900

    Machinery Repairs 2,290

    Factory utilities 3,450

    Miscellaneous factory costs 1,940

    Cost of Goods Manufactured for June 2017 139,270

    b. Extracts from Balance Sheet

    Current Assets

    Finished Goods-Ending Inventory $6,430

    Work in Process-Ending Inventory $7,610
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