Answered Essay: Given the following selected account balances of Shanta Company.

Given the following selected account balances of Shanta Company.

 

  Sales $ 1,250,000
  Raw materials inventory, Dec. 31, 2012 37,000
  Goods in process inventory, Dec. 31, 2012 53,900
  Finished goods inventory, Dec. 31, 2012 62,750
  Raw materials purchases 175,600
  Direct labor 225,000
  Factory computer supplies used 17,840
  Indirect labor 47,000
  Repairs—Factory equipment 5,250
  Rent cost of factory building 57,000
  Advertising expense 94,000
  General and administrative expenses 129,300
  Raw materials inventory, Dec. 31, 2013 42,700
  Goods in process inventory, Dec. 31, 2013 41,500
  Finished goods inventory, Dec. 31, 2013 67,300

 

Prepare its manufacturing statement for the year ended on December 31, 2013.

Expert Answer

 

SHANTA COMPANY

Manufacturing Statement

For Year Ended December 31, 2013

Direct materials:
Raw materials inventory, Dec. 31, 2012 $37,000
Add: Raw materials purchases $175,600
Raw materials available for use $212,600
Less: Raw materials inventory, Dec. 31, 2013 $42,700
Direct materials used $169,900
Direct labor $225,000
Factory overhead:
Factory computer supplies used $17,840
Indirect labor $47,000
Repairs—Factory equipment $5,250
Rent cost of factory building $57,000
Total factory overhead costs $127,090
Total manufacturing costs $521,990
Add: Goods in process inventory, Dec. 31, 2012 $53,900
Total cost of goods in process $575,890
Less: Goods in process inventory, Dec. 31, 2013 $41,500
Cost of goods manufactured $534,390
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