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Timmons Manufacturing: Schedule of Cost of Goods

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

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