When production costs are debited to Work in Process Inventory,which accounts will be credited?
A) Raw Materials Inventory, Factory Labor, and Finished GoodsInventory B) Accounts Payable, Factory Wages Payable, andAccumulated Depreciation C) Raw Materials Inventory, Factory Labor,and Manufacturing Overhead
When production costs are debited to Work in Process Inventory,which accounts will be credited?
A) Raw Materials Inventory, Factory Labor, and Finished GoodsInventory B) Accounts Payable, Factory Wages Payable, andAccumulated Depreciation C) Raw Materials Inventory, Factory Labor,and Manufacturing Overhead
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Problem 2
Smith Carlson Corporation provided the following list of costdata to its manufacturing operations for the month of October20X5.
Beginning raw materials inventory | 2,416,000 |
Raw materials purchased (net) | 5,863,750 |
Ending raw materials inventory | 2,045,500 |
Direct labor costs | 805,750 |
Indirect materials | 313,750 |
Indirect labor | 222,250 |
Factory utilities and maintenance | 1,140,000 |
Factory depreciation | 141,500 |
Other factory relatedoverhead | 61,000 |
Beginning work in process | 1,942,500 |
Ending work in process | 1,792,500 |
Arrange the cost data into a statement of cost of goodsmanufactures.
If Smith Carlson Corporation cost of goods sold for the monthwas $10,000,000, how much was the increase or decrease in finishedgoods inventory for the month of October
WORKSHEET #2
a)
SMITH CARLSON CORPORATION | |||
SCHEDULE OF COST OF GOODS MANUFACTURED | |||
For the month ending October 31, 20X5 | |||
Direct materials: | |||
$ - | |||
- | |||
$ - | |||
- | |||
Raw materials transferred to production | $ - | ||
Direct labor | - | ||
Factory overhead | |||
$ - | |||
- | |||
- | |||
- | |||
- | - | ||
Total manufacturing costs | $ - | ||
- | |||
$ - | |||
- | |||
Cost of goods manufactured | $ - | ||
b)
