E5-16 An analysis of the accounts of
Chamberlin Manufacturing reveals the following manufacturing cost data for the
month ended June 30, 2008.
|
Inventories
|
Beginning
|
Ending
|
|
Raw
materials
|
$9,000
|
$13,100
|
|
Work in
process
|
5,000
|
7,000
|
|
Finished
goods
|
9,000
|
6,000
|
Costs incurred: Raw materials
purchases $54,000, direct labor $57,000, manufacturing overhead $19,900. The
specific overhead costs were: indirect labor $5,500, factory insurance $4,000,
machinery depreciation $4,000, machinery repairs $1,800, factory utilities
$3,100, miscellaneous factory costs $1,500. Assume that all raw materials used
were direct materials.
(a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2008.
(b) Show the presentation of the ending inventories on the June 30, 2008, balance sheet.
Classify
manufacturing costs into different categories and compute the unit cost. (SO 3,4)
SOLUTION PREVIEW [The
Solution is done in EXCEL TEMPLATE]
(a)
CHAMBERLIN MANUFACTURING
Cost of Goods Manufactured Schedule|
|
||||
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Work in process
inventory, June 1
|
$5,000
|
|||
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Direct Materials
|
||||
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Raw materials inventory, June 1
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$9,000
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|||
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Raw materials purchases
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54,000
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File name: E5-16-Chamberlin.xls File type: application/vnd.ms-excel Price: $6
