Prepare a cost of goods manufactured statement

Reference no: EM132086294

Question: Winston Manufacturing uses direct labor cost to apply overhead to its production. The budgeted direct labor cost and budgeted manufacturing overhead were $400,000 and $480,000, respectively. The following cost data were experienced last year:

Material inventory, 1/1/04 $ 10,000

Material inventory, 12/31/04 2,000

Work-in-process, 1/1/04 12,000

Finished goods, 1/1/04 33,000

Finished goods, 12/31/04 23,000

Purchases of material 61,000

Direct labor incurred 45,000

Indirect material 13,000

Indirect labor 12,000

Other manufacturing overhead 20,000

Unadjusted cost of goods sold 170,000

REQUIRED: 1. Close the over/under applied overhead to cost of goods sold (journal entry).

2. Prorate the over/under applied overhead to the proper accounts using the ending account balances for prorating (journal entry).

3. Prepare a cost of goods manufactured statement.

Reference no: EM132086294

Questions Cloud

What was the amount of outstanding checks : Windsor, Inc. wrote checks totaling $33050 during October and $36089 during November. $31420 of these checks cleared the bank in October, and $35255 cleared.

What type of entity should be created for the new business : A client comes to you thinking about starting a consulting business. Your client is specifically interested in what type of entity should be created.

Swot analysis set the stage for strategic planning : How does SWOT analysis set the stage for strategic planning?

What are the budgeted cash receipts from sales : Win Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales on account are budgeted.

Prepare a cost of goods manufactured statement : Winston Manufacturing uses direct labor cost to apply overhead to its production. The budgeted direct labor cost and budgeted manufacturing overhead.

Bags for sacking groceries in chain of retail supermarkets : Associated Grocery Stores (AGS) has always used paper bags for sacking groceries in its chain of retail supermarkets.

Positively influence the organizational culture : Describe how management has helped to positively influence the organizational culture within this company.

Use of the functions of management within this company : Evaluate how the use of the functions of management within this company has adhered to the principles of ethics.

What will one share of common stock be worth : Winter Time Adventures is going to pay an annual dividend of $2.82 a share on its common stock next week. This year, the company paid a dividend of $2.70.

User Account

All Pages