Cost of goods manufactured statement., Cost Accounting

These balances for a company x

Raw materials $40,000
Work in process $30,000
Finished goods $60,000

for the current year the company estimated that it would work 150.000 machine hours and incu $900,000 in manufacturing overhead costs. the following occurred during the year

1- purchased raw materials $820,000
2- Raw materials requisitioned for production, $720,000 direct and $40,000 indirect.
3-factory labor costs recorded, $150,000 direct and $220,000 indirect labor.
4- other manufacturing overhead costs incurred , $660,000
5- overhead was applied to production due to greater than expected demand the company worked 160,000 machine hours during the year
6- goods costing $1,800,000 were completed
7- Goods costing $1,740,000 to manufacture were sold on account for $3,000,000


1- cost of goods manufactured statement.
2- assume the company incurred selling and administrative costs of $1,120,000 prepare an income statement for the company.


Posted Date: 2/20/2014 12:02:00 AM | Location : United States

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