The following information is available for Rawlings, Inc
Question # 00682858
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Updated on: 05/09/2018 04:58 AM Due on: 05/09/2018
1-The following information is available for Rawlings, Inc. As of January 1, 2016 During 2016 As of December 31, 2016 Raw materials inventory $24,538 $30,280 Work in process inventory 18,516 21,870 Finished goods inventory 27,787 21,625 Materials purchased $171,323 Direct labor 218,988 Manufacturing overhead 179,748 Sales 822,447 Compute the cost of goods manufactured.
2-In a manufacturing company balance sheet, manufacturing inventories are reported in the current assets section in the order of their expected use in production.
3-Franklin Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $ 77,407 $ 63,342 Work in process inventory 102,992 114,220 Finished goods inventory 104,559 88,072 During 2017, Franklin purchased $1,003,018 of raw materials, incurred direct labor costs of $256,776, and incurred manufacturing overhead totaling $158,645. How much is total manufacturing costs incurred during 2017 for Franklin?
2-In a manufacturing company balance sheet, manufacturing inventories are reported in the current assets section in the order of their expected use in production.
3-Franklin Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $ 77,407 $ 63,342 Work in process inventory 102,992 114,220 Finished goods inventory 104,559 88,072 During 2017, Franklin purchased $1,003,018 of raw materials, incurred direct labor costs of $256,776, and incurred manufacturing overhead totaling $158,645. How much is total manufacturing costs incurred during 2017 for Franklin?
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Solution: The following information is available for Rawlings, Inc