Prepare a schedule of finished goods manufactured

Assignment Help Accounting Basics

Reference no: EM133203973

Assignment - Direct Labor Cost Assigned to Production Accounting Questions

Task - The balance in the perpetual inventory accounts of Addition Manufacturing Corporation at the beginning and end the current year are as follows:

Inventory Accounts: End of Year Beginning of Year

Materials: $126,000 $222,000

WIP: $109,000 $75,000

Finished Goods Inventory $325,000 $238,000

The total dollar amount debited and credited during year to the accounts used in recording manufacturing activities are as follows:

Accounts: Debit Entries Credit Entries

Material Inv. $2,410,000 ?

Direct Labor 1,189,000 992,000

Maufactu. Overhead 893,000 893,600

WIP Inventory ? ?

Finished Goods Inventory ? ?

Required -

Part 1 - Calculate the following:

Direct materials purchased

Direct Materials used

Payments of direct labor payrolls

Direct Cost assigned to production

Total manufacturing cost charged to WIP account during year

The cost of finished goods man

Cost of goods sold

Total amount to be classified as inventory in yearend balance sheet

Part 2 - Prepare a schedule of Finished goods Manufactured?

Reference no: EM133203973

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