An incomplete cost of goods manufactured schedule is presented here. Complete the cost of goods manufactured schedule for Splish Brothers Company. (Assume that all raw materials used were direct materials.) SPLISH BROTHERS COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2022 Work in process, January 1 $243,600 Direct materials Raw materials inventory, January 1 $enter a dollar amount Raw materials purchases 184,000 Total raw materials available for use enter a total of the two previous amounts Less: Raw materials inventory, December 31 27,000 Direct materials used $208,800 Direct labor enter a dollar amount Manufacturing overhead Indirect labor 21,600 Factory depreciation 41,400 Factory utilities 79,600 Total manufacturing overhead 142,600 Total manufacturing costs enter a total amount for the first part Total cost of work in process enter a total amount for all two parts Less: Work in process, December 31 93,600 Cost of goods manufactured $626,400
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
An incomplete cost of goods manufactured schedule is presented here.
Complete the cost of goods manufactured schedule for Splish Brothers Company. (Assume that all raw materials used were direct materials.)
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SPLISH BROTHERS COMPANY
Cost of Goods Manufactured Schedule For the Year Ended December 31, 2022 |
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Work in process, January 1
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$243,600 | |||||
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Direct materials
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Raw materials inventory, January 1
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$enter a dollar amount | |||||
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Raw materials purchases
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184,000 | |||||
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Total raw materials available for use
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enter a total of the two previous amounts | |||||
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Less: Raw materials inventory, December 31
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27,000 | |||||
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Direct materials used
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$208,800 | |||||
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Direct labor
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enter a dollar amount | |||||
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Manufacturing overhead
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||||||
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Indirect labor
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21,600 | |||||
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Factory
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41,400 | |||||
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Factory utilities
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79,600 | |||||
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Total manufacturing overhead
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142,600 | |||||
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Total
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enter a total amount for the first part | |||||
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Total cost of work in process
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enter a total amount for all two parts | |||||
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Less: Work in process, December 31
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93,600 | |||||
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Cost of goods manufactured
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$626,400 |
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