During FY 2018 Bay Manufacturing had total manufacturing costs are $422,000
During FY 2018 Bay Manufacturing had total manufacturing costs are $422,000. Their cost of goods manufactured for the year was $487,000. The January 1, 2019 balance of Work-in-Process Inventory is $52,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory. (Round dollar values & enter as whole dollars only.)
2) Frederick Company’s January 1, 2018 finished goods inventory was $55,000. The January 1, 2019 finished goods inventory is $81,000. Cost of goods manufactured for the FY 2018 was $215,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold. (Round dollar values & enter as whole dollars only.)
3) Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided:
Item Amount
Sales $850,000
Beginning Raw Material Inventory 74,000
Direct Material Purchased 308,000
Factory Overhead 90,000
Finished Goods Inventory – January 1 144,000
Work in Process – January 1 74,000
Work in Process – December 31 98,000
Ending Raw Material Inventory 58,000
Finished Goods Inventory – December 31 168,000
Net Income 65,000
Direct Labor 155,000
Cost of Goods Sold 655,000
Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2018: (Round dollar values & enter as whole dollars only. Properly title your statement.)
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