Required cost of goods manufactured statement, Cost Accounting

Assignment Help:

These balances for a company x

Raw materials $40,000

Work in process $30,000
Finished goods $60,000

for the current year the company estimated that it would work 150.000 machine hours and incu $900,000 in manufacturing overhead costs. the following occurred during the year

1- purchased raw materials $820,000
2- Raw materials requisitioned for production, $720,000 direct and $40,000 indirect.
3-factory labor costs recorded, $150,000 direct and $220,000 indirect labor.
4- other manufacturing overhead costs incurred , $660,000
5- overhead was applied to production due to greater than expected demand the company worked 160,000 machine hours during the year
6- goods costing $1,800,000 were completed
7- Goods costing $1,740,000 to manufacture were sold on account for $3,000,000

required
1- cost of goods manufactured statement.
2- assume the company incurred selling and administrative costs of $1,120,000 prepare an income statement for the company

 


Related Discussions:- Required cost of goods manufactured statement

Adjustment entries, Accounts are prepared according to accounting concepts,...

Accounts are prepared according to accounting concepts, principles and conventions. As final accounts are prepared on accrual basis, this becomes essential to subtract all those ex

Wages department, Wages Department It is accountable for the preparati...

Wages Department It is accountable for the preparation of the payroll and the payment of wages. The routine will need: a) Analysis of clock cards and verify of overtime aut

Cash flow budget, the total (ie. aggregated) cashflows in respect to operat...

the total (ie. aggregated) cashflows in respect to operations, with details of annual cash inflows & annual outflows in respect to operations, the total (ie. aggregated) cashflo

Costing term, The San Carlos Company is an electronics business with eight ...

The San Carlos Company is an electronics business with eight product lines. Income data for one of the products (XT-107) for June 2011 are as follows: Revenues, 200,000 units at av

Government and nonprofit accounting, I need project help in Government and ...

I need project help in Government and nonprofit accounting, can you help me in look out this problems?

Cost classifications and estimation, Cost Classifications and Estimation ...

Cost Classifications and Estimation Cost classification may be defined like 'the arrangement of cost items in a logical sequence having concern to their nature and reason to b

Marginal costing, a company wants to buy a new machine to replace on which ...

a company wants to buy a new machine to replace on which is having frequent breakdown.............. .......... c-the models suitable for different levels for demand of product?

Overhead analysis, what do i need to know before the overhead preparation?

what do i need to know before the overhead preparation?

Prepare a regular income tax return, Facts:   James (age 58, SS# 123-34-...

Facts:   James (age 58, SS# 123-34-4439) and Martha (age 56; SS# 233-23-9050) Williams are married. James works at a major retailer as manager of the early shift. Martha is a nu

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd