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Homework answers / question archive / Tiessen Limited provided the following information for the year ended December 31:  Costs incurred: Marketing expense $ 300,000 Direct labour cost 270,000 Raw material purchases 396,000 Rent, manufacturing building 240,000 Indirect labour 168,900 Sales commissions 105,000 Utilities, manufacturing 27,000 Depreciation, manufacturing equipment 72,000 Supplies, manufacturing 2,100 Depreciation, office equipment 24,000 Repairs, manufacturing equipment 120,000  Beginning of Year End of Year Inventories: Raw materials $ 24,000 $ 30,000 Work in process 15,000 60,000 Finished goods 210,000 75,000  TIESSEN LIMITED Schedule of Cost of Goods Manufactured For the year ended December 31

Tiessen Limited provided the following information for the year ended December 31:  Costs incurred: Marketing expense $ 300,000 Direct labour cost 270,000 Raw material purchases 396,000 Rent, manufacturing building 240,000 Indirect labour 168,900 Sales commissions 105,000 Utilities, manufacturing 27,000 Depreciation, manufacturing equipment 72,000 Supplies, manufacturing 2,100 Depreciation, office equipment 24,000 Repairs, manufacturing equipment 120,000  Beginning of Year End of Year Inventories: Raw materials $ 24,000 $ 30,000 Work in process 15,000 60,000 Finished goods 210,000 75,000  TIESSEN LIMITED Schedule of Cost of Goods Manufactured For the year ended December 31

Accounting

Tiessen Limited provided the following information for the year ended December 31: 
Costs incurred: Marketing expense $ 300,000 Direct labour cost 270,000 Raw material purchases 396,000 Rent, manufacturing building 240,000 Indirect labour 168,900 Sales commissions 105,000 Utilities, manufacturing 27,000 Depreciation, manufacturing equipment 72,000 Supplies, manufacturing 2,100 Depreciation, office equipment 24,000 Repairs, manufacturing equipment 120,000 
Beginning of Year End of Year Inventories: Raw materials $ 24,000 $ 30,000 Work in process 15,000 60,000 Finished goods 210,000 75,000 
TIESSEN LIMITED Schedule of Cost of Goods Manufactured For the year ended December 31

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Schedule of Cost of Goods Manufactured
Raw materials inventory , beginning 24,000  
Add:Raw materials purchases 396,000  
Raw Material available for use 420,000  
Less:Ending raw material inventory -30,000  
Raw material used   390,000
Direct labor   270,000
Manufacturing Overheads:    
Rent expense - Manufacturing building 240,000  
Indirect labor 168,900  
Utilities, manufacturing 27,000  
Depreciation - manufacturing equipment 72,000  
Supplies- manufacturing 2,100  
Repairs- Manufacturing equipment 120,000  
Total Manufacturing Overheads   630,000
Total Manufacturing Cost   1,290,000
Add :Work in process inventory, beginning   15,000
Less: Work in process inventory, ending   -60,000
Cost of goods manufactured   $1,245,000.00 
Calculation of Cost of Goods Sold:
Finished goods inventory, beginning 210,000
Cost of goods manufactured 1,245,000
Cost of goods available for sale 1,455,000
Less:Finished goods inventory, ending -75,000
Cost of goods sold $1,380,000 

 

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