question archive The following data (in thousands of dollars) have been taken from the accounting records of Rivercrest Corporation for the year just ended: Direct labour $150 Sales 970 Maintenance, factory 50 Sales commissions 140 Direct materials 70 Administrative expenses 160 Depreciation, factory 150 Work in process inventory, beginning 50 Work in process inventory, ending 25 Finished goods inventory, beginning 240 Finished goods inventory, ending 250 Required: Prepare a Schedule of Cost of Goods Manufactured (6 Marks)
The following data (in thousands of dollars) have been taken from the accounting records of Rivercrest Corporation for the year just ended: Direct labour $150 Sales 970 Maintenance, factory 50 Sales commissions 140 Direct materials 70 Administrative expenses 160 Depreciation, factory 150 Work in process inventory, beginning 50 Work in process inventory, ending 25 Finished goods inventory, beginning 240 Finished goods inventory, ending 250 Required: Prepare a Schedule of Cost of Goods Manufactured (6 Marks)
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The following data (in thousands of dollars) have been taken from the accounting records of Rivercrest Corporation for the year just ended: Direct labour $150 Sales 970 Maintenance, factory 50 Sales commissions 140 Direct materials 70 Administrative expenses 160 Depreciation, factory 150 Work in process inventory, beginning 50 Work in process inventory, ending 25 Finished goods inventory, beginning 240 Finished goods inventory, ending 250 Required: Prepare a Schedule of Cost of Goods Manufactured (6 Marks). Paragraph v B I U or Rivercrest Corporation Schedule of Cost of Goods Manufactured For the year ended December 31, 2020 A
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Answer
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Rivercrest Corporation |
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schedule of cost of goods manufactured |
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For the year ended December 31,2020 |
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Direct material |
$70 |
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Direct labour |
$150 |
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Manufacturing overhead
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$200 |
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Total manufacturing cost |
$420 |
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Add - Work in process inventory, beginning |
$50 |
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Less - Work in process inventory, ending |
$(25) |
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Cost of goods manufactured for the year |
$445 |
