Question

An analysis of the accounts of Coronado Company reveals the following manufacturing cost data for the month ended June 30, 2020.

Inventory Beginning Ending
Raw materials $9,100 $13,450
Work in process 5,110 8,880
Finished goods 9,870 6,880
Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7,340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2,460, factory utilities $3,450, and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials.
A) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
B) Show the presentation of the ending inventories on the June 30, 2020, balance sheet.

Answer 1

See attached solutions

Step-by-step explanation:

A. Cost of goods manufactured is $122,920

B. The total current asset is $29,210.

Please find attached computation of how we arrived at the above values(computation of cost of goods manufactured schedule and presentation of the ending inventories on the balance sheet).