E1-16 – Prepare a cost of goods manufactured schedule, and present the ending inventories of the balance sheet

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E1-16 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
4,000
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.
    • 7 years ago
    E1-16 – Prepare a cost of goods manufactured schedule, and present the ending inventories of the balance sheet
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      e1-16_roberts_company.xls