Prepare Schedule of Cost of Goods Manufactured
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The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just completed year.
Sales 1,150
Raw materials inventory, beginning 15
Raw materials inventory, ending. 40
Purchases of raw materials.. 150
Direct labor.. 250
Manufacturing overhead. 300
Administrative expenses.. 500
Selling expenses... 300
Work in process inventory, beginning. 100
Work in process inventory, ending.. 150
Finished goods inventory, beginning... 80
Finished goods inventory, ending 120
Use the above data to prepare (in thousands of dollars) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the year. In addition, what is the impact on the financial statements if the ending finished goods inventory is overstated or understated?
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Solution Summary
The expert prepares a schedule of costs of goods manufactured. The raw materials inventory beginning are examined.
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