The following information is from the accounts of Depree Manufacturing Company for 2018:
Required
a. Divide the class into groups of four or five students per group and organize the groups into three sections. Assign Task 1 to the first section of groups, Task 2 to the second section, and Task 3 to the third section.
Group Tasks
(1) The ending balance in the Raw Materials Inventory account was $208,000. During the accounting period, Depree used $2,348,900 of raw materials inventory and purchased $2,200,000 of raw materials. Determine the beginning raw materials inventory balance.
(2) During the accounting period, Depree used $2,348,900 of raw materials inventory and $2,780,200 of direct labor. Actual overhead costs were $3,300,000. Ending work in process inventory amounted to $450,000, and cost of goods manufactured amounted to $8,389,100. Determine the beginning balance in the Work in Process Inventory account.
(3) The cost of goods manufactured was $8,389,100, and the cost of goods sold was $8,419,100. Ending finished goods inventory amounted to $360,000. Determine the beginning balance in the Finished Goods Inventory account.
b. Select a spokesperson from each section. Use input from the three spokespersons to prepare a schedule of cost of goods manufactured and sold. The spokesperson from the first section should provide information for the computation of the beginning balance in the Raw Materials Inventory account. The spokesperson from the second section should provide information for the determination of the beginning balance in the Work in Process Inventory account. The spokesperson from the third section should provide information for the determination of the beginning balance in the Finished Goods Inventory account.
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