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Cost of goods manufactured for a manufacturing company The following information is available for Ethtridge Manufacturing Company for the month ending January 31, 2016: Cost of direct materials used in production $390,000 Direct labor 336,000 Work in process inventory, January 1 162,000 Work in process inventory, January 31 170,400 Total factory overhead 234,000 Determine Ethtridge’s cost of goods manufactured for the month ended January 31, 2016.

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Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307

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Section
BuyFindarrow_forward

Financial & Managerial Accounting

13th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285866307
Chapter 16, Problem 16.13EX
Textbook Problem
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Cost of goods manufactured for a manufacturing company

The following information is available for Ethtridge Manufacturing Company for the month ending January 31, 2016:

Cost of direct materials used in production $390,000
Direct labor 336,000
Work in process inventory, January 1 162,000
Work in process inventory, January 31 170,400
Total factory overhead 234,000

Determine Ethtridge’s cost of goods manufactured for the month ended January 31, 2016.

To determine

Cost of goods manufactured:

Cost of goods manufactured refers to the costs incurred for manufacturing the goods during the period. A statement of cost of goods manufactured is prepared in order to determine the cost of goods manufactured, which in turn is used to determine the cost of goods sold, and prepare the income statement.

To determine: The cost of goods manufactured of Company E for the month ended January 31, 2016.

Explanation of Solution

The cost of goods manufactured is determined as follows:

Particulars $ $
Work in process inventory, January 1, 2016    (1)   $ 162,000
Add: Manufacturing costs incurred during January:    
     Cost of direct materials used 390,000  
     Direct labor

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Chapter 16 Solutions

Financial & Managerial Accounting
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Ch. 16 - Management process Three phases of the management...Ch. 16 - Management process Three phases of the management...Ch. 16 - Direct materials, direct labor, and factory...Ch. 16 - Direct materials, direct labor, and factory...Ch. 16 - Prime and conversion costs Identify the following...Ch. 16 - Prime and conversion costs Identify the following...Ch. 16 - Product and period costs Identify the following...Ch. 16 - Product and period costs Identify the following...Ch. 16 - Cost of goods sold, cost of goods manufactured...Ch. 16 - Cost of goods sold, cost of goods manufactured...Ch. 16 - Classifying costs as materials, labor, or factory...Ch. 16 - Classifying costs as materials, labor, or factory...Ch. 16 - Classifying costs as factory overhead Which of the...Ch. 16 - Classifying costs as product or period costs For...Ch. 16 - Concepts and terminology From the choices...Ch. 16 - Concepts and terminology From the choices...Ch. 16 - Classifying costs in a service company A partial...Ch. 16 - Classifying costs The following report was...Ch. 16 - Financial statements of a manufacturing firm The...Ch. 16 - Manufacturing company balance sheet Partial...Ch. 16 - Cost of direct materials used in production for a...Ch. 16 - Cost of goods manufactured for a manufacturing...Ch. 16 - Cost of goods manufactured for a manufacturing...Ch. 16 - Income statement for a manufacturing company Two...Ch. 16 - Statement of cost of goods manufactured for a...Ch. 16 - Cost of goods sold, profit margin, and net income...Ch. 16 - Cost flow relationships The following information...Ch. 16 - Uses of managerial accounting in a service company...Ch. 16 - Classifying costs The following is a list of costs...Ch. 16 - Classifying costs The following is a list of costs...Ch. 16 - Cost classifications for a service company A...Ch. 16 - Manufacturing income statement, statement of cost...Ch. 16 - Statement of cost of goods manufactured and income...Ch. 16 - Classifying costs The following is a list of costs...Ch. 16 - Classifying costs The following is a list of costs...Ch. 16 - Cost classifications for a service company A...Ch. 16 - Manufacturing income statement, statement of cost...Ch. 16 - Statement of cost of goods manufactured and income...Ch. 16 - Ethics and professional conduct in business H....Ch. 16 - Financial versus managerial accounting The...Ch. 16 - Managerial accounting in the management process...Ch. 16 - Classifying costs Geek Chic Company provides...Ch. 16 - Using managerial accounting information The...

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