Exercise 10-14A (Algo) Cost of goods manufactured and sold LO 105 The following information pertains...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Exercise 10-14A (Algo) Cost of goods manufactured and sold LO 105 The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ FLAXMAN MANUFACTURING COMPANY } \\ \hline \multicolumn{2}{|c|}{ For April } \\ \hline Beginning raw materials inventory & $124,800 \\ \hline \hline Purchases & 119,200 \\ \hline Raw materials available for use & 244,000 \\ \hline Ending raw materials inventory & 211,500 \\ \hline Direct raw materials used & (156,200) \\ \hline Direct labor & 100,600 \\ \hline & \\ \hline Total manufacturing costs & (55,600) \\ \hline Beginning work in process inventory & \\ \hline Total work in process inventory & (55,600) \\ \hline Ending work in process inventory & \\ \hline Cost of goods manufactured & \\ \hline Beginning finished goods inventory & \\ \hline Cost of goods available for sale & \\ \hline Ending finished goods inventory & \\ \hline Cost of goods sold & \\ \hline \hline \end{tabular}
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Exercise 10-14A (Algo) Cost of goods manufactured and sold LO 105 The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. \begin{tabular}{|l|r|} \hline \multicolumn{2}{|c|}{ FLAXMAN MANUFACTURING COMPANY } \\ \hline \multicolumn{2}{|c|}{ For April } \\ \hline Beginning raw materials inventory & $124,800 \\ \hline \hline Purchases & 119,200 \\ \hline Raw materials available for use & 244,000 \\ \hline Ending raw materials inventory & 211,500 \\ \hline Direct raw materials used & (156,200) \\ \hline Direct labor & 100,600 \\ \hline & \\ \hline Total manufacturing costs & (55,600) \\ \hline Beginning work in process inventory & \\ \hline Total work in process inventory & (55,600) \\ \hline Ending work in process inventory & \\ \hline Cost of goods manufactured & \\ \hline Beginning finished goods inventory & \\ \hline Cost of goods available for sale & \\ \hline Ending finished goods inventory & \\ \hline Cost of goods sold & \\ \hline \hline \end{tabular} 