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An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2014.
Inventories
Beginning
Ending
Raw materials
$9,000
$13,100
Work in process
5,000
7,000
Finished goods
9,000
8,000
Costs incurred:
Raw materials purchases
$54,000
Direct labor
47,000
Manufacturing overhead
19,900
The specific overhead costs were:
Indirect labor
$5,500
Machinery repairs
1,800
Factory insurance
4,000
Factory utilities
3,100
Machinery depreciation
Miscellaneous factory costs
1,500
Assume that all raw materials used were direct materials.
Instructions:
(a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2014.
(b) Show the presentation of the ending inventories on the June 30, 2014, balance sheet.
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