Messinger Manufacturing Company Had the Following Account Balances for the Quarter

question 5

Essay

Messinger Manufacturing Company had the following account balances for the quarter ending March 31,unless otherwise noted:
$$\begin{array} { l r } \text { Work-in-process inventory (January 1) } & \$ 140,400 \\\text { Work-in-process inventory (March 31) } & 17,000 \\\text { Finished goods inventory (January 1) } & 540,000 \\\text { Finished goods inventory (March 31) } & 510,000 \\\text { Direct materials used } & 378,000 \\\text { Indirect materials used } & 84,000 \\\text { Direct manuufacturing labor } & 480,000 \\\text { Indirect manufacturing labor } & 186,000 \\\text { Property taxes on manufacturing plant building } & 28,800 \\\text { Salespersons' company vehicle costs } & 12,000 \\\text { Depreciation of manufacturing equipment } & 264,000 \\\text { Depreciation of office equipment } & 123,600 \\\text { Miscellaneous plant overhead } & 135,000 \\\text { Plant utilities } & 92,400 \\\text { General office expenses } & 305,400 \\\text { Marketing distribution costs } & 30,000\end{array}$$ Required:
a.Prepare a cost of goods manufactured schedule for the quarter.
b.Prepare a cost of goods sold schedule for the quarter.

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Definitions:

Boats

Watercraft of various sizes and types designed to travel on, through, or under water, primarily used for transportation, recreation, or sports.

Sharing of Profits

An arrangement where profits earned from a business, investment, or venture are distributed among the stakeholders or partners according to predetermined criteria or an agreed formula.

Photoshoots

involve the process of taking professional photographs, usually of a person, group, or product, often conducted by a photographer in a studio or outdoor location.

Loan Repayment

The act of paying back money previously borrowed from a lender, typically including both the principal and interest.