Prepare a Statement of Cost of Manufacturing - Accounting and Finance Assignment Help

Assignment Task:

REQUIRED:

You should use Excel to complete your assignment.  Print a copy of the assignment for every member in your group, which you will then use in the assignment test (printed on paper).

1. Enter all starting balances in the GL and subledgers.  You will need to calculate your raw materials inventory value (about $30,000) based on your assigned variables.  Adjust retained earnings to balance the opening trial balance.  Round all totals to the nearest dollar and all per unit numbers to two decimal places.

2. Journalize the above summary transactions, all dated September 30, 2018.  (No new balance sheet accounts are required.  You should need to add only the following temporary accounts: Revenue, Cost of Goods Sold, Selling & Administrative Expense, Factory Overhead.)

3. Post to the general ledger and subledgers for September 2018. (It is recommended that you post as you go, especially for accounts that have subledgers.)

4. Prepare a Pre - Closing trial balance as of September 30, 2018.(This trial balance should include all the income statement accounts).

5. Prepare schedules that reconcile the raw materials, goods in process and finished goods subledgers with the general ledger accounts as of September 30, 2018.  A reconciliation template has been provided. 

6. Prepare a Statement of Cost of Manufacturing for September 2018.

7. Prepare an income statement and statement of retained earnings for September 2018.

8. Prepare a balance sheet as of September 30, 2018.

9. Prepare and post a closing entry (or entries) for the month end.

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