An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2014.
|
Inventories
|
Beginning
|
Ending
|
|
Raw materials
|
$9,000
|
$13,100
|
|
Work in process
|
5,000
|
7,000
|
|
Finished goods
|
9,000
|
8,000
|
Costs incurred:
|
Raw materials purchases
|
$54,000
|
|
Direct labor
|
47,000
|
|
Manufacturing overhead
|
19,900
|
The specific overhead costs were:
|
Indirect labor
|
$5,500
|
Machinery repairs
|
1,800
|
|
Factory insurance
|
4,000
|
Factory utilities
|
3,100
|
|
Machinery depreciation
|
4,000
|
Miscellaneous factory costs
|
1,500
|
Assume that all raw materials used were direct materials.
Instructions:
(a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2014.
(b) Show the presentation of the ending inventories on the June 30, 2014, balance sheet.