Accounting exercises

hho9e_e16_20_eip_stud.xlsx

E16-20

Accounting, 9e
E16-20	Preparing a statement of cost of goods manufactured
LO 6 [15-20 minutes]
		Students please fill-in areas that are shaded
Student Name
Course Name
Student ID:
Date:
Knight, Corp., a lamp manufacturer, provided the following information for the year
ended December 31, 2012:
	Inventories	Beginning	Ending
	Materials	$ 56,000	23,000
	Work in process	103,000	63,000
	Finished goods	$ 41,000	48,000
	Other information:
	Depreciation: plant building and equipment			$ 16,000
	Materials purchases			159,000
	Insurance on plant			22,000
	Sales salaries expense			46,000
	Repairs and maintenance–plant			8,000
	Indirect labor			32,000
	Direct labor			122,000
	Administrative expenses			59,000
Requirements
1.	Prepare a schedule of cost of goods manufactured.
2.	What is the unit product cost if Knight manufactured 2,160 lamps for the year?
Test Your Knowledge
E16-20
Req. 1
	Knight, Corp.
	Schedule of Cost of Goods Manufactured
	Year Ended December 31, 2012
	Beginning work in process inventory				$ 103,000
	Direct materials used:
	Beginning direct materials inventory		$ 56,000
	Available for use
	Direct materials used			$ - 0
				122,000
	Manufacturing overhead:
	Indirect labor		$ 32,000
	Total manufacturing costs
	incurred during the year
	Total manufacturing costs to account for
	Cost of goods manufactured
Req 2

good student April