Siciliano Corporation Manufactures One Product

Essay

Siciliano Corporation manufactures one product. The company uses a standard cost system in which inventories are recorded at their standard costs. There is no variable manufacturing overhead. The standard cost card for the company's only product is as follows:
During the year, the company completed the following transactions concerning raw materials:a. Purchased 34,800 kilos of raw material at a price of $4.60 per kilo.b. Used 32,750 kilos of the raw material to produce 21,900 units of work in process.
Required:Record the above transactions in the worksheet that appears below. Because of the width of the worksheet, it is in two parts. In your text, these two parts would be joined side-by-side to make one very wide worksheet. The beginning balances have been provided for each of the accounts, including the Property, Plant, and Equipment (net) account which is abbreviated as PP&E (net).