E1-16 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.