prepare a schedule of cost of goods manufactured for august using actual costing 641202

Latourneau Company had the following account balances as of August 1, 2010:

Raw Material (direct and indirect) Inventory Don't use plagiarized sources. Get Your Custom Essay on prepare a schedule of cost of goods manufactured for august using actual costing 641202 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Order Essay	$20,300
Work in Process Inventory	7,000
Finished Goods Inventory	18,000

During August, the company incurred the following factory costs:

1. Purchased $164,000 of raw material on account.

2. Issued $180,000 of raw material to production, of which $134,000 was for direct materials.

3. Accrued $88,000 in factory payroll costs; $62,000 was for direct labor and the rest was for supervisors’ salaries.

4. Accrued $7,000 of utility costs; of this amount, $1,600 was fixed.

5. Accrued $2,000 of property taxes on the factory.

6. Recorded the expiration of $1,600 of prepaid insurance on factory equipment.

7. Recorded $40,000 of straight line depreciation on factory equipment.

8. Applied actual overhead to Work in Process Inventory.

9. Transferred goods costing $320,000 to Finished Goods Inventory.

10. Recorded total sales of $700,000; of these, $550,000 were on account.

11. Recorded cost of goods sold of $330,000.

12. Recorded selling and administrative costs of $280,000 (credit “Various accounts”).

Required:

a. Journalize the transactions for August.

b. Post transactions to T accounts for Raw Material Inventory, Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold.

c. Prepare a schedule of cost of goods manufactured for August using actual costing.

d. Prepare an income statement, including a detailed schedule of cost of goods sold.

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