Answer:
a. Messinger Manufacturing Company
Cost of Goods Manufactured Schedule
For quarter ending March 31
Direct materials used $ 378,000
Direct manufacturing labor 480,000
Manufacturing overhead
Depreciation of manufacturing equipment $264,000
Indirect manufacturing labor 186,000
Indirect materials 84,000
Miscellaneous plant overhead 135,000
Plant utilities 92,400
Property taxes on building 28,800 790,200
Manufacturing costs incurred $1,648,200
Add beginning work-in-process inventory 140,400
Total manufacturing costs $1,788,600
Less ending work-in-process inventory 171,000
Cost of goods manufactured $1,617,600
b. Messinger Manufacturing Company
Cost of Goods Sold Schedule
For the quarter ending March 31
Beginning finished goods inventory $ 540,000
Cost of goods manufactured 1,617,600
Cost of goods available for sale 2,157,600
Ending finished goods inventory 510,000
Cost of goods sold $1,647,600
Difficulty: 2 Objectives: 6, 7
157. Using the following information find the unknown amounts. Assume each set of information is an independent case.
a. Merchandise Inventory Purchases $420,000
Cost of goods sold 446,000
Beginning balance 82,000
Ending balance ?
b. Direct Materials Beginning balance $ 14,000
Ending balance 28,000
Purchases 96,000
Direct materials used ?
c. Work-in-process Inventory Ending balance $ 44,000
Cost of goods manufactured 42,000
Beginning balance 16,000
Current manufacturing costs ?
d. Finished Goods Inventory Cost of goods manufactured $124,000
Ending balance 40,000
Cost of goods sold 122,000
Beginning balance ?
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