Question

Compute the cost of Goods Manufactured and Cost of Goods Sold for Crystal Bay Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials (Click the icon to view the data.) Materials available for use Less: Ending raw materials inventory 93,000 32,000 61,000 Direct materials used Calculate the cost of goods manufactured 38000 Crystal Bay Company Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory Plus: Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 61000 86000 Choose from any list or enter any number in the input fields and then click Check Answer. part remaining Clear All Check Answer

and after this, cost of goods sold for current year please!.

Answer 1

Schedule of cost of goods manufactured

beginning work in process inventory	38,000
Manufacturing cost Incurred :
Direct material used	61,000
Direct labor	86,000
Manufacturing overhead	72,100
Total manufacturing cost to account for	257,100
Less : Ending work in process inventory	-36,000
Cost of goods manufactured	$221,100

Manufacturing overhead = Indirect labor + Insurance on plant + Depreciation-Plant and equipment + Repair and maintenance

= 44,000 + 11,000 + 12,800 + 4,300

= $72,100

Schedule of cost of goods sold

Finished goods, beginning	22,000
Cost of goods manufactured	221,100
Cost of goods available for sale	243,100
Finished goods, ending	-29,000
Cost of goods sold	$214,100

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