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Exercise 5-10 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [L06] The...

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Accounting

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Exercise 5-10 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [L06] The following data from thejustcompleted year are taken from the accounting records of Eccles Company: Sales $685,000 Direct labour cost 96,000 Raw material purchases 138,000 Selling expenses 106,000 Administrative expenses 49,000 Manufacturing overhead applied to work in process 216,000 Actual manufacturing overhead costs 232,000 Beginning of End of Inventory Year Year Raw materials $ 8,600 $10,600 Work in process 5,600 20,600 Finished goods 70,600 25,600 ' Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct materials Raw materials used in production Total manufacturing costs Cost of goods manufactured 2. Prepare a schedule of cost of goods sold. Adjusted cost of goods sold

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