Reference no: EM132639875
The following costs & inventory data were taken from the accounts of Gee Company for 2017:
January 1, 2017 December 31, 2017
Inventories:
Raw materials $ 9,000 $ 6,000
Work in process 16,000 14,000
Finished goods 15,000 10,000
Costs incurred during 2017:
Raw materials purchases $87,000
Direct labor 40,000
Factory rent 8,400
Factory utilities 10,100
Indirect materials 4,300
Indirect labor 8,700
Selling & administrative expenses 16,000
Instructions
Problem a. prepare schedule showing the amount of direct materials used in production during the year.
Problem b. Compute the amount of manufacturing overhead incurred during the year.
Problem c. Prepare schedule of Cost of Goods Manufactured for Gee Company for the year ended December 31, 2017 in good form (including the proper heading)
Problem d. Prepare the Cost of Goods Sold section of the Income Statement for Gee Company for the year ended December 31, 2017 in good form (including the proper heading)
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