The following T accounts summarize the flow of manufacturing costs during the current year through the ledger accounts of Gronback Corporation: Instructions From the data supplied above, indicate the following amounts. Some amounts are shown in the T accounts; others require short computations. (Show all computations.) a. Purchases of direct materials during the year. b. The cost of direct materials used. c. Direct labor payrolls paid during the year. d. Direct labor costs assigned to production. e. Total manufacturing costs charged to the Work in Process Inventory account during the year. f. The cost of finished goods manufactured. g. The cost of goods sold. h. The total costs to be classified as inventory in the year-end balance sheet. (Omit the "$" sign in your response.) a. Purchases of direct materials $ ________________________________________________________________________________ b. Direct materials used: Materials inventory, beginning of year $16,000 Add: Purchases of direct materials ________________________________________ Cost of direct materials available for use $ Less: Materials inventory, end of year Cost of direct materials used ________________________________________$ ________________________________________________________________________________ c. Direct labor payrolls paid during the year $ ________________________________________________________________________________ d. Direct labor costs assigned to production $ ________________________________________________________________________________ e. Direct materials used (part b) $ Direct labor costs assigned to production Manufacturing overhead assigned to production Total manufacturing costs charged to work in process ________________________________________$ ________________________________________________________________________________ f. Cost of finished goods manufactured: Work in process inventory, beginning of year $21,000 Add: Total manufacturing costs (part e) ________________________________________ Cost of all goods in process during the year $ Less: Work in process inventory, end of year ________________________________________ Cost of finished goods manufactured $ ________________________________________________________________________________ g. Cost of goods sold: Beginning inventory of finished goods $106,000 Add: Cost of finished goods manufactured (part f) ________________________________________ Cost of goods available for sale $ Less: Ending inventory of finished goods Cost of goods sold ________________________________________$ ________________________________________________________________________________ h. Total inventory at year-end: Materials inventory $13,000 Work in process inventory Finished goods inventory ________________________________________ Total inventory $ ________________________________________________________________________________ please see attachment for a better view. thanks.
Paper#9133 | Written in 18-Jul-2015Price : $25