Question

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An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Beginning Ending $9,760 $16,300 6,240 7,420 9,300 6,730 Costs incurred: raw materials purchases $55,480, direct labor $49,600, manufacturing overhead $22.610. The specific overhead costs were: indirect labor $6,460, factory insurance $4,400, machinery depreciation $4,190, machinery repairs $2,180, factory utilities $3,740, and miscellaneous factory costs $1,640. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020. ROBERTS COMPANY Cost of Goods Manufactured Schedule 9:20 PM 0

Answer 1

Cost of Goods Manufactured Schedule
For the Year Ended June 30, 2020
Work in Process, Beginning			$6,240.00
Direct Materials
Raw Materials Invenry, July 1, 2019	$9,760.00
Raw Materials Purchases	$55,480.00
tal Raw Materials Available for Use	$65,240.00
Less: Raw Materials Invenry, June 30, 2020	-$16,300.00
Direct Materials Used		$48,940.00
Direct Labor		$49,600.00
Manufacturing Overhead:
Indirect Labor	$6,460.00
Factory Insurance	$4,400.00
Factory Machinery Depreciation	$4,190.00
Factory Utilities	$3,740.00
Mis Factory Cost	$1,640.00
Machinery Repair	$2,180.00
Total Manufacturing Overhead		$22,610.00
Total Manufacturing Costs			$121,150.00
Total Cost of Work in Process			$127,390.00
Less: Work in Process, June 30, 2020			-$7,420.00
Cost of Goods Manufactured			$119,970.00

Part-3
(Partial) Balance Sheet
For the Year Ended June 30, 2020
Invenries
Finished Goods Inventory	$6,730.00
WIP Inventory	$7,420.00
Raw Material Inventory	$16,300.00	$30,450.00
tal Current Asset		$30,450.00