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    Timmons Manufacturing: Schedule of Cost of Goods

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    Prepare a schedule of the cost of goods manufactured for Timmons Manufacturing Company for the month ended December 31, 2008.

    Account Balances
    Finished Goods Inventory, December 31 $42,000
    Factory Supervisory Salaries 12,000
    Income Tax Expense 18,000
    Raw Materials Inventory, December 1 12,000
    Work In Process Inventory, December 31 25,000
    Sales Salaries Expense 14,000
    Factory Depreciation Expense 8,000
    Finished Goods Inventory, December 1 35,000
    Raw Materials Purchases 95,000
    Work In Process Inventory, December 130,000
    Factory Utilities Expense 4,000
    Direct Labor 70,000
    Raw Materials Inventory, December 31 19,000
    Sales Returns and Allowances 5,000
    Indirect Labor 21,000

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    Solution Preview

    Schedule of Cost of Goods Manufactured for the month ended December 31, 2008

    Direct materials:
    Beginning raw materials inventory $12,000
    Add: Purchases of raw materials $95,000
    Raw ...

    Solution Summary

    Guidelines are provided on how to prepare a schedule of the cost of goods manufactured.

    $2.19

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