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).