Question

An analysis of the accounts of Swifty Company reveals the following manufacturing cost data for the month ended June 30, 2017 Inventory Beginning Ending Raw materials $9.430 $17,340 Work in process 6,690 8,700 Finished goods 9,360 6,410 Costs incurred: raw materials purchases $56,520, direct labor $50,670, manufacturing overhead $22,530. The specific overhead costs were Indirect labor $6,160, factory insurance $4,200, machinery depreciation 54,460, machinery repairs 52.470, factory i s $3,510, and miscellaneous factory costs $1.730. Assume that a raw materials used were direct materials

Answer 1

Ans.	SWIFTY COMPANY
	Cost of Goods Manufactured Schedule
	For the Year Ended June 30, 2017
	Particulars	Amount	Amount
	Beginning Work in process inventory		$6,690
	Manufacturing Costs:
	Direct materials:
	Beginning raw materials inventory	$9,430
	Add: Purchase of direct materials	$56,520
	Raw materials available	$65,950
	Less: Ending raw materials inventory	-$17,340
	Direct materials used		$48,610
	Direct labor		$50,670
	Manufacturing overhead applied
	Indirect labor	$6,160
	Factory insurance	$4,200
	Machinery depreciation	$4,460
	Machinery repairs	$2,470
	Factory utilities	$3,510
	Miscellaneous factory costs	$1,730
	Total manufacturing costs		$22,530
	Total cost of work in process		$29,220
	Less: Ending Work in process inventory		-$8,700
	Cost of goods manufactured		$20,520