Required cost of goods manufactured statement, Cost Accounting

Assignment Help:

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

required
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

 


Related Discussions:- Required cost of goods manufactured statement

Explain development cost, With the introduction of computer-generated anima...

With the introduction of computer-generated animated films (CGI), there has been much discussion of the impact on the movie industry. For example, illustrators need to have differe

Cash flow statement, Keyser Beverage Company reported the following items i...

Keyser Beverage Company reported the following items in the most recent year. Net income $40,630 Dividends paid 5,390 Increase in accounts receivable 12,130 Increase i

What is the free cash flow for master designs, Master Designs Company has c...

Master Designs Company has cash flows for operating activities of $350,000. Cash flows used for investments in property, plant, and equipment totaled $65,000, of which 70% of this

Determine operating segments, Vincent Ltd operates solely in Western Austra...

Vincent Ltd operates solely in Western Australia and the chief operating decision maker has identified five operating segments: Mining, Insurance, Retailing, Manufacturing and Tran

External sources of funds, These sources of funds are resources increased f...

These sources of funds are resources increased from outside the organization to augment funds availability for any of the utilizations to be discussed later. Generally, there are o

What is the idyllic minimum or maximum population, Q. What is the idyllic m...

Q. What is the idyllic minimum or maximum population required to use fca? Ans. FCA is not depending on size. It is merely a common-sense approach to overseeing money and k

Keogh plan, Most of David's clients are local. However, a few of his client...

Most of David's clients are local. However, a few of his clients require out of town travel. He incurred $2,500 of airfare, $1,570 in lodging and $1,313 in meals relating to the bu

Co-ownership incentive scheme or profit sharing schemes, Co-ownership incen...

Co-ownership incentive scheme or Profit Sharing Schemes The organization permits for ownership whereby the employees are permitted to own a percentage of the shares in the fir

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd