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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
Expert Solution
| 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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