[rizzo246]

Valenko Co. provided the following account balances for the year ended December 31.

Selling expenses... $215000
Purchases of raw materials... $260000
Dect labor..
Administrative expenses... $160000
Manufacturing overhead applied to work in process... $340000
Total actual manufacturing overhead cost... $350000

Inventory balances at the beginning and end of the year were:
Beginning Ending
Raw materials $50000 $40000
Work in process ? $33000
Finished goods $30000 ?



Total manufacturing cost = $675000
Goods available for sale = $720000
Unadjusted cost of goods sold = $665000
Net operating cost = $35000

Question:
prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (prepare the income statement and schedules of cost of goods sold first?)

[JudyKayTee]

Ask Me Help Desk - Announcements in Forum : Homework Help
“Read this first - Expectations for the Homework Help Board:
Do not simply retype or paste a question from your book or study material

We won't do your homework questions for you. You were given the assignment for you to learn.

If you come up with your own answer and post it for us to critique that is within reason.

If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that. But this is your assignment, so show us you have at least attempted to complete it on your own.

Thank you.”

[rizzo246]

I'm sorry... This is what I did

Total Mfg cost = Direct materials used + applied overhead + labor cost
675000 = 270000 + 340000 + labor cost
675000 = 610000 + labor cost
labor cost = 675000 - 610000
labor cost = 65000


Finished goods inventory = beginning finish goods inventory + cost goods manu - cost of goods sold

= 30000 + 675000 - 665000
= 705000 - 665000
= 40000

[rizzo246]

Once I calculate the finished goods and labor cost okay I can find my way with the others just want to make sure it correct.