Ask Question
15 July, 04:57

The following information is available for Robstown Corporation for 20Y8:

Inventories January 1 December 31

Materials $77,600 $93,600

Work in process 109,000 96,700

Finished goods 112,000 109,900

December 31

Advertising expense $ 69,000

Depreciation expense-office equipment 23,000

Depreciation expense-factory equipment 14,000

Direct labor 186,700

Heat, light, and power-factory 5,900

Indirect labor 24,860

Materials purchased 123,200

Office salaries expense 75,800

Property taxes-factory 4,005

Property taxes-office building 12,600

Rent expense-factory 6,375

Sales 862,000

Sales salaries expense 135,000

Supplies-factory 3,500

Miscellaneous costs-factory 4,620

Prepare the 20Y8 statement of cost of goods manufactured.

+4
Answers (1)
  1. 15 July, 05:10
    0
    Cost Of Goods Manufactured 363560

    Explanation:

    Robstown Corporation

    Statement of Cost of Goods Manufactured.

    For the year 20Y8:

    Inventories January 1 Materials $77,600

    Add Materials purchased 123,200

    Less December 31 Materials $93,600

    Materials Used $ 107,200

    Direct labor 186,700

    Factory Overhead 57360

    Indirect labor 24,860

    Heat, light, and power-factory 5,900

    Depreciation expense-factory equipment 14,000

    Rent expense-factory 6,375

    Property taxes-factory 4,005

    Supplies-factory 3,500

    Miscellaneous costs-factory 4,620

    Total Manufacturing Costs $ 351260

    Add Work in process Beginning 109,000

    Cost Of Goods Available for Manufacture 460260

    Less Work in process Ending 96,700

    Cost Of Goods Manufactured 363560

    We add the Direct Material used Direct Labor And FOH to get the total manufacturing costs.

    When we add the given figures according to the format of the Cost of Goods manufactured Statement we get the cost of goods manufactured.

    The cost of goods sold statement is shown to show the difference between the cost of goods manufactured and cost of goods sold statement.

    Robstown Corporation

    Statement of Cost of Goods Sold.

    For the year 20Y8:

    Cost Of Goods Manufactured 363560

    Finished goods Beginning 112,000

    Cost Of Goods Available for Sale 475560

    Finished goods Ending 109,900

    Cost Of Goods Sold 365, 660

    The income statement is given to show the difference between FOH items and Selling expenses.

    Robstown Corporation

    Income Statement.

    For the year 20Y8:

    Sales 862,000

    Cost Of Goods Sold 365, 660

    Gross Profit 496,340

    Advertising expense $ 69,000

    Depreciation expense-office equipment 23,000

    Office salaries expense 75,800

    Property taxes-office building 12,600

    Sales salaries expense 135,000

    Net Income $ 180940
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $77,600 $93,600 Work ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers