Business, 18.03.2021 01:20 androw4116

From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2016. Account Balances
Finished Goods Inventory, December 31 $42,000
Factory Supervisory Salaries 12,000
Income Tax Expense 18,000
Raw Materials Inventory, December 1 12,000
Work In Process Inventory, December 31 15,000
Sales Salaries Expense 14,000
Factory Depreciation Expense 8,000
Finished Goods Inventory, December 1 35,000
Raw Materials Purchases 105,000
Work In Process Inventory, December 1 25,000
Factory Utilities Expense 6,000
Direct Labor 70,000
Raw Materials Inventory, December 31 19,000
Sales Returns and Allowances 5,000
Indirect Labor 21,000

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Answer from: youngg52

Answer and Explanation:

The preparation of the schedule of cost of goods manufactured is presented

Opening work in process $25,000

Direct materials

Opening December 1 $12,000

Add: Purchase of raw material purchase $105,000

Total raw materials available for use $117,000

less: Ending raw material inventory -$19,000

Direct materials used $98,000

Direct labour $70,000

manufacturing overhead

indirect labour $21,000

Factory supervisor salaries $12,000

factory depreciation expense $8,000

factory utility expense $6,000

Total manufacturing overhead $47,000

Total manufacturing costs (direct materials used + direct labour + manufacturing overhead) $215,000

Total cost of work in process ($25,000 +$215,000) $240,000

Less: Closing work in process -$15,000

cost of goods manufactured $225,000

Answer from: Quest

The third one is true. 0.3 > 0.20

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson...

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