Horngren's Cost Accounting. A Managerial Emphasis 17ed ch2.pr2-40

School: Free University of Tbilisi - Course: FINANCE 123 - Subject: Accounting

$15.00 $10.00 $70.00 Direct materials inventory, December 31, 2020 $20.00 $5.00 $55.00For Specific Date Direct materials inventory, January 1, 2020 Work-in-process inventory, January 1, 2020 Finished goods inventory, January 1, 2020 Work-in-process inventory, December 31, 2020 Finished goods inventory, December 31, 2020

$325.00 $100.00 $80.00 $5.00 $35.00 $950.00 $240.00 $10.00 $30.00 Indirect manufacturing labor $20.00For Year 2020 Purchases of direct materials Direct manufacturing labor Depreciation—plant and equipment Plant supervisory salaries Miscellaneous plant overhead Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities

Revenues$950.00 Cost of goods sold: Finished goods inventory, January 1, 2020### Cost of goods manufactured$555.00 Cost of goods available for sale$625.00 Finished goods inventory, December 31, 2020### Cost of goods sold$570.00 Gross margin (or gross profit)$380.00 Operating (period) costs: $240.00 Total operating costs$240.00 Operating income$140.00 Direct materials: Direct materials inventory, January 1, 2020$15.00 Purchases of direct materials$325.00 Cost of direct materials available for use$340.00 Direct materials inventory, December 31, 2020$70.00 Direct materials used$270.00 Direct Manufacturing Labor$100.00 Manufacturing overhead costs: Depreciation—plant and equipment$80.00 Plant supervisory salaries$5.00 Miscellaneous plant overhead$35.00 Plant supplies used$10.00 Plant utilities$30.00 Indirect manufacturing labor$20.00 Total manufacturing overhead costs$180.00 Manufacturing costs incurred$550.00 Work-in-process inventory, January 1, 2020$10.00 Total manufacturing costs to account for$560.00 Work-in-process inventory, December 31, 2020$5.00 Cost of goods manufactured (to income statement)$555.00