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chapter%2022 - Accounting 2102 Farmer Chapter 2 Practice...

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Farmer Chapter 2 Practice Pickin’ and Grinnin’, LLC The following information was extracted from the accounting records of Pickin’ and Grinnin’, LLC, a manufacturer of custom guitars: Raw materials used $279,000 Direct factory labor 185,000 Indirect factory labor 35,000 Selling and administrative salaries 200,000 Building depreciation (70% of building devoted to production, 30% of building devoted to selling and administrative) 300,000 Other selling and administrative expenses 75,000 Other factory costs (includes $15,000 of indirect materials requisitioned from Raw Materials Inventory) 600,000 Pickin’ and Grinnin’ uses a job order costing system and allocates actual manufacturing overhead to production. The company’s beginning and ending Work in Process inventories were $245,000 and $290,000, respectively. The company's beginning and ending finished goods inventories were $475,000 and $450,000, respectively A. Calculate Cost of Goods Manufactured. B. Calculate Cost of Goods Sold.
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chapter%2022 - Accounting 2102 Farmer Chapter 2 Practice...

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