Question

An analysis of the accounts of Waterway Company reveals the following manufacturing cost data for the month ended September 30, 2020. Inventories Raw materials Work in process Finished goods Beginning Ending $11,100 $11,600 7,000 5,300 10,200 11,400 Costs incurred: raw materials purchases $67,400, direct labor $50,500, manufacturing overhead $27,000. The specific overhead costs were: indirect labor $6,900, factory insurance $5,500, machinery depreciation $5,700, machinery repairs $2,800, factory utilities $3,400, miscellaneous factory costs $1,870. Assume that all raw materials used were direct materials. Part 1 Prepare the cost of goods manufactured schedule for the month ended September 30, 2020.

Answer 1

Answer $7,000 WATERWAY Co. Cost of Goods Manufacturing Schedule For the Month Ended September 30, 2020 Work in Process Inventory, Sept. 1 Direct Materials Raw materials inventory, Sept. 1 $11,100 Raw materials purchases $67,400 Total raw materials available for use $78,500 Less: Raw materials inventory, Sept. 30 ($11,600) Direct materials used $66,900 Direct labor $50,500 Manufacturing overhead Indirect labor $6,900 Factory insurance $5,500 Machinery depreciation $5,700 Factory utilities $3,400 Machinery repairs $2,800 Miscellaneous factory costs $1,870 Total manufacturing overhead $26,170 Total manufacturing costs Total cost of work in process Less: Work in process inventory, Sept. 30 Cost of goods manufactured $143,570 $150,570 ($5,300) $145,270