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1.Taylor Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided:
Item Amount
Sales $850,000 Beginning Raw Material Inventory 74,000
Direct Material Purchased 308,000
Factory Overhead 90,000
Finished Goods Inventory-1/1 144,000
Work in process -1/1 74,000
Work in process-12/31 98,000
Ending Raw Material Inventory 58,000
Finished Goods Inventory-12/31 168,000
Net Income 65,000
Direct Labor 155,000
Cost of Goods Sold 655,000
Use this information to prepare detailed schedule of cost of goods manufactured for fy2018.
2.Alaska Corporation purchased, on account, 6,600 pounds of raw materials at $6.50 per pound on January 2, 2019. The production manager requisitioned and received 2,350 pounds of raw material into production on January 15. Use this information to prepare the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."
