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Devry Econ 312

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John Doe
DeVry College
DXXXXXXX
Week 3
EXERCISE 5-16
(a)
CHAMBERLIN MANUFACTURING
Cost of Goods Manufactured Schedule
For the Month Ended June 30, 2008
Work in process inventory, June 1$5,000
Direct Materials
Raw materials inventory, June 1$9,000
Raw materials purchases54,000
Total raw materials available for use63,000
Less: Raw materials inventory, June 3013,100
Direct materials used49,900
Direct labor57,000
Manufacturing overhead
Indirect labor$5,500
Factory insurance4,000
Machinery depreciation4,000
Factory utilities3,100

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Machinery repairs1,800
Miscellaneous factory costs1,500
Total manufacturing overhead19,900
Total manufacturing costs126,800
Total cost of work in process131,800
Less: Work in process inventory, June 307,000
Cost of goods manufactured124,800
(b)
CHAMBERLIN MANUFACTURING
(Partial) Balance Sheet
June 30, 2008
Current assets
Inventories
Finished goods$6,000
Work in process7,000
Raw materials13,100$26,100
| | Product Costs| | |
| | Direct| | Direct| | Manufacturing| | Period| Cost Item| | Materials| | Labor| | Overhead| | Costs|
Rent on factory equipment| | | | | | $ 7,000| | | Insurance on factory building| | | | | | 1,500| | | Raw
materials| | $75,000| | | | | | | Utility costs for factory| | | | | | 900| | | Supplies for general office| |
| | | | | | $300| Wages for assembly line workers| | | | $43,000| | | | | Depreciation on office
equipment| | | | | | | | 800| Miscellaneous materials| | | | | | 1,100| | | Factory manager’s salary| |
| | | | 5,700| | | Property taxes on factory building| | | | | | 400| | | Advertising for helmets| | | | | |
| | 14,000| Sales commissions| | | | | | | | 7,000| Depreciation on factory building| | | | | | 1,500| |
| | | $75,000| | $43,000| | $18,100| | $22,100|

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John Doe DeVry College DXXXXXXX Week 3 EXERCISE 5-16 (a) CHAMBERLIN MANUFACTURING Cost of Goods Manufactured Schedule For the Month Ended June 30, 2008 Work in process inventory, June 1$5,000 Direct Materials Raw materials inventory, June 1$9,000 Raw materials purchases54,000 Total raw materials available for use63,000 Less: Raw materials inventory, June 3013,100 Direct materials used49,900 Direct labor57,000 Manufacturing overhead Indirect labor$5,500 Factory insurance4,000 Machinery depreciation4,000 Factory utilities3,100 Machinery repairs1,800 Miscellaneous factory costs1,500 Total manufacturing overhead19,900 Total manufacturing costs126,800 Total cost of work in process131,800 Less: Work in process inventory, June 307,000 Cost of goods manufactured124,800 (b) CHAMBERLIN MANUFACTURING (Partial) Balance Sheet June 30, 2008 Current assets Inventories Finished goods$6,000 Work in process7,000 Raw materials13,100$26,100 | | Product Costs| | | | | Direct| | Direct| | Manufacturing| | Period| Cost Item| | Materials| | Labor| | Overhead| | Costs| Rent on factory equipment| | | | | | $ 7,000| | | Insurance on factory building| | | | | | 1,500| | | Raw materials| | $75,000| | | | | | | Utility costs for factory| | | | | | 900| | | Supplies for general office| | | | | | | | $300| Wages for assembly line workers| | | | $43,000| | | | | Depreciation on office equipment| | | | | | | | 800| Miscellaneous materials| | | | | | 1,100| | | Factory manager’s salary| | | | | | 5,70 ...
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