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    Paradox99's Avatar
    Paradox99 Posts: 3, Reputation: 1
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    #1

    Sep 16, 2008, 07:05 PM
    Schedule of Cost of Goods Manufactured
    Hello having trouble figuring out a account problem would appreciate any help here it is:

    The following information is taken from the records of Smith Company for April

    Purchases:
    Direct Material: 9000000
    Indirect Materials: 200000
    Office supplies: 420000
    Sales 36000000
    Salaries and benefits:
    Selling and admin exp: 4000000
    Direct MFG labor: 6000000
    Rent* :4000000
    Utilities: 1200000
    Advertising: 700000

    Inventories: April 1 April 31
    Direct Materials 4400000 1600000
    Office Supplies 150000 180000
    Finished goods 24000000 16000000

    * Of these aka RENT ABOVE 60 percent are assigned to MGF and 40 pecent to selling and admin

    Required:
    a) Prepare a schedule of cost of goods MFG
    b) Prepare an income statement
    Paradox99's Avatar
    Paradox99 Posts: 3, Reputation: 1
    New Member
    		  
    #2

    Sep 16, 2008, 07:08 PM
    Quote Originally Posted by Paradox99
    Hello having trouble figuring out a account problem would appreciate any help here it is:

    The following information is taken from the records of Smith Company for April

    Purchases:
    Direct Material: 9000000
    Indirect Materials: 200000
    Office supplies: 420000
    Sales 36000000
    Salaries and benefits:
    Selling and admin exp: 4000000
    Direct MFG labor: 6000000
    Rent* :4000000
    Utilities: 1200000
    Advertising: 700000

    Inventories: April 1 April 31
    Direct Materials 4400000 1600000
    Office Supplies 150000 180000
    Finished goods 24000000 16000000

    * Of these aka RENT ABOVE 60 percent are assigned to MGF and 40 pecent to selling and admin

    Required:
    a) Prepare a schedule of cost of goods MFG
    b) Prepare an income statement
    I can't figure out how to do the Schedule of cost of goods mfg without Work in process anybody have any ideas
    Paradox99's Avatar
    Paradox99 Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Sep 16, 2008, 07:33 PM
    What I have so far...


    Regency Company
    Schedule of Costs of Goods Manufactured
    For Month of April

    Direct Materials
    Beginning Inventory of direct materials March 1 4400000
    Purchases of Direct Materials in March 9000000
    Cost of Direct Materials available for use 13400000
    Ending Inventory of direct materials March 31 (1600000)
    Materials Used in March 11800000
    Direct Manufacturing Labor 6000000
    Indirect Manufacturing Costs:
    Rent (60%) 2400000
    Utilities 1200000
    Advertising 700000
    Office Supplies 390000
    Indirect Materials 100000
    Total Indirect Manufacturing Costs 4790000
    Manufacturing Costs incurred during April 22590000
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