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NILK SPECIALTY PRODUCTS STATEMENT OF COST OF GOODS MANUFCTURE AND SOLD For the month ended January 31, 2020 Raw materials – beginning P 20,000 Add net Purchases 254,000 Raw materials available for use 274,000 Less raw materials – ending (32,000) Raw materials used 242,000 Add: Direct labor 200,000 Overhead: Rent on factory facilities Depreciation on factory 62,000 30,000 Indirect labor cost 29,000 Utilities expense 8,400 Insurance expense 4,200 Total overhead cost 133,600 Total manufacturing cost 575,600 Add work in process - beginning Total goods placed in process Less work in process – ending 133,600 709,200 16,000 Cost of goods manufactured Add finished goods beginning 573,600 30,000 Total goods available for sale Less finished goods ending 603,600 48,000 P 555400 Cost of goods manufactured and sold

NILK SPECIALTY PRODUCTS STATEMENT OF COST OF GOODS MANUFCTURE AND SOLD For the month ended January 31, 2020 Raw materials – beginning P 20,000 Add net Purchases 254,000 Raw materials available for use 274,000 Less raw materials – ending (32,000) Raw materials used 242,000 Add: Direct labor 200,000 Overhead: Rent on factory facilities Depreciation on factory 62,000 30,000 Indirect labor cost 29,000 Utilities expense 8,400 Insurance expense 4,200 Total overhead cost 133,600 Total manufacturing cost 575,600 Add work in process - beginning Total goods placed in process Less work in process – ending 133,600 709,200 16,000 Cost of goods manufactured Add finished goods beginning 573,600 30,000 Total goods available for sale Less finished goods ending 603,600 48,000 P 555400 Cost of goods manufactured and sold

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter10: Accounting Systems For Manufacturing Operations
Section: Chapter Questions
Problem 10.10E: Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses...
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Please check if my statement of the cost of goods manufactured and sold in good form is correct.

Put an explanation why is it correct or not. 

 

NILK SPECIALTY PRODUCTS STATEMENT OF COST OF GOODS MANUFCTURE AND SOLD For the month ended Januory 31 2020 Raw materials – beginning P 20,000 Add net Purchases 254,000 Raw materials available for use 274,000 Less raw materials – ending (32,000) Raw materials used 242,000 Add: Direct labor 200,000 Overhead: Rent on factory facilities 62,000 Depreciation on factory Indirect labor cost 30,000 29,000 Utilities expense 8,400 Insurance expense 4,200 Total overhead cost 133,600 Total manufacturing cost 575,600 Add work in process - beginning 133,600 Total goods placed in process 709,200 Less work in process – ending 16,000 Cost of goods manufactured 573,600 Add finished goods beginning 30,000 Total goods available for sale 603,600 Less finished goods ending 48,000 P 555,400 Cost of goods manufactured and sold
Transcribed Image Text:NILK SPECIALTY PRODUCTS STATEMENT OF COST OF GOODS MANUFCTURE AND SOLD For the month ended Januory 31 2020 Raw materials – beginning P 20,000 Add net Purchases 254,000 Raw materials available for use 274,000 Less raw materials – ending (32,000) Raw materials used 242,000 Add: Direct labor 200,000 Overhead: Rent on factory facilities 62,000 Depreciation on factory Indirect labor cost 30,000 29,000 Utilities expense 8,400 Insurance expense 4,200 Total overhead cost 133,600 Total manufacturing cost 575,600 Add work in process - beginning 133,600 Total goods placed in process 709,200 Less work in process – ending 16,000 Cost of goods manufactured 573,600 Add finished goods beginning 30,000 Total goods available for sale 603,600 Less finished goods ending 48,000 P 555,400 Cost of goods manufactured and sold
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