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Statement of cost of goods manufactured for a manufacturing company
Cost data for Disksan Manufacturing Company for the month ended
January 31 are as attached:
a. Prepare a cost of goods manufactured statement for January.
b. Determine the cost of goods sold for January.
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- Inventories: Raw material April 1 $20,000 April 30 $17,000 8,000 Work in process Finished goods 12,000 30,000 39,000 Additional information for April: Raw material purchased Direct labor payroll Direct labor rate per hour Overhead rate per direct labor hour $45,000 $36,000 $ 8.00 $ 10.00 1. The prime cost incurred was? 2. The conversion incurred was? 3. The cost of goods sold was?Inventories January 1 January 31 Materials $100,000 $145,500 Work in process 334,600 200,700 Finished goods 675,000 715,000 Direct labor $2,250,000 Materials purchased during January 1,375,000 Factory overhead incurred during January: Indirect labor 115,000 Machinery depreciation 90,000 Heat, light, and power 55.000 Supplies 18,500 Property taxes 10.000 Miscellaneous costs 33,100 a. Prepare a cost of goods manufactured statement for JanuaryInventories January 1 January 31 Materials 302,000 278,000 Work in process 215,600 238,200 Finished goods 163,000 187,100 Direct labor Materials purchased during the month Factory overhead incurred during the month: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs January 31 569,000 608,600 60,680 36,000 12,400 8,160 8,060 16,400 Prepare a cost of goods manufactured statement for January and determine the cost of goods sold for January.
- Inventories 4/1 4/30 Direct Materials $ 19,000 $ 15,800 Work in Process 9,400 6,300 Finished Goods 28,400 38,000 Additional information for the month of April: Direct materials purchased $ 33,600 Direct labor 32,000 Direct labor rate per hour 10 Factor overhead incurred 42,400 Overhead is applied at $12 per direct labor hour. For the month of April, prime cost incurred was:Finished Goods (FG) Inventory Factory Overhead April 30 57,000 Cost of goods sold Cost of goods manuf. May 31 57,000 Income statement (partial)Inventory of work in process Inventory of finished goods Direct materials used Direct labor Manufacturing overhead Selling expenses December 31 $ 40,000 60,000 a. Work in process inventory b. Cost of finished goods manufactured c. Cost of goods sold d. Total manufacturing costs 250,000 120,000 145,000 135,000 January 1 $ 18,000 68,000 Required: a. Find the amount debited to the Work In Process Inventory account during the year. b. What is the cost of finished goods manufactured for the year? c. What is the cost of goods sold for the year? d. What are the total manufacturing costs for the year?
- Inventories January 1 December 31 Materials $433,530 $546,250 Work in process 780,350 742,900 Finished goods 750,010 759,290 Advertising expense $370,900 Depreciation expense-office equipment 52,440 Depreciation expense-factory equipment 70,470 Direct labor 841,230 Heat, light, and power-factory 27,860 Indirect labor 98,330 Materials purchased 824,840 Office salaries expense 287,870 Property taxes-factory 22,940 Property taxes-headquarters building 47,520 Rent expense-factory 38,780 Sales 3,861,990 Sales salaries expense 474,150 Supplies-factory 19,120 Miscellaneous costs-factory 12,020 Required: Question Content Area 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6 $- Select - Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select -…Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of MaySharp Enterprises Inventories: March 1 March 31 Raw Material $18,000 $15,000 Work in process 9,000 6,000 Finished Goods 27,000 36,000 Additional information for March: Raw material purchased $42,000 Direct labor payroll 30,000 Direct labor rate per hour 7.50 Overhead rate per direct labor hour 10.00 Refer to Sharp Enterprises. For March, prime cost incurred was?
- Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30, 20X1 Raw Materials ₱18,000 ₱15,000 Work-in-Process ₱09,000 ₱06,000 Finished Goods ₱27,000 ₱36,000 Additional Information: Direct materials purchased ₱42,000 Direct labor payroll ₱30,000 Direct labor rate per hour ₱ 07.50 Factory overhead rate per direct labor hours ₱ 10.00 What is the cost of goods sold for April? Group of answer choices ₱115,000 ₱109,000 ₱118,000 ₱106,000Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30, 20X1 Raw Materials ₱18,000 ₱15,000 Work-in-Process ₱09,000 ₱06,000 Finished Goods ₱27,000 ₱36,000 Additional Information: Direct materials purchased ₱42,000 Direct labor payroll ₱30,000 Direct labor rate per hour ₱ 07.50 Factory overhead rate per direct labor hours ₱ 10.00 What is the cost of goods manufactured for April? Show solution Group of answer choices ₱150,000 ₱118,000 ₱109,000 ₱115,000Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,840 Direct labor $ 59,200 Manufacturing overhead applied to work in process $ 87,600 Underapplied overhead $ 4,190 Inventories Beginning Ending Raw materials $ 10,400 $ 18,700 Work in process $ 54,600 $ 69,400 Finished goods $ 33,800 $ 43,700 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Do not give answer in image