Question

Cost of Goods Manufactured and Sold
The following data relate to three independent production periods of Riverside Manufacturing Company. Missing data are indicated by question marks.

	A	B	C
Materials:
Beginning inventory	$ 156	$ 492	$ 330
Purchases	?	2,100	1,500
Ending inventory	222	300	?
Total material used	990	?	1,320
Direct labor	1,740	2,880	2,400
Manufacturing overhead:
Indirect material	288	?	360
Indirect labor	480	450	1,050
Other	?	600	1,020
Total manufacturing overhead	1,560	1,440	?
Work in process inventories:
Beginning	?	270	780
Ending	210	?	300
Finished goods inventories:
Beginning	?	1,200	240
Ending	1,005	360	990
Cost of goods manufactured	4,152	?	?
Cost of goods sold	4,017	6,972	?

Using the above data, determine the missing amounts. (You should set up a schedule of cost of goods manufactured and sold, fill in the known data, and calculate the missing amounts.)

Do not use negative signs with any of your answers.

Schedule of Cost of Goods Manufactured and Sold
	A	B	C
Direct Material:
Beginning materials inventory	$ 156	$ 492	$ 330
Cost of materials purchased	Answer	Answer	Answer
Cost of material available	Answer	Answer	Answer
Less: Ending materials inventory	Answer	Answer	Answer
Total material used	Answer	Answer	Answer
Less: Indirect material used	Answer	Answer	Answer
Direct material used	Answer	Answer	Answer
Direct labor	1,740	2,880	2,400
Manufacturing overhead:
Indirect material	Answer	Answer	Answer
Indirect labor	Answer	Answer	Answer
Other manufacturing overhead	Answer	Answer	Answer
Total manufacturing overhead	Answer	Answer	Answer
Total manufacturing costs	Answer	Answer	Answer
Add: Beginning work in process inventory	Answer	Answer	Answer
Total cost of work in process	Answer	Answer	Answer
Less: Ending work in process inventory	Answer	Answer	Answer
Cost of goods manufactured	Answer	Answer	Answer
Add: Beginning finished goods inventory	Answer	Answer	Answer
Cost of goods available	Answer	Answer	Answer
Less: Ending finished goods inventory	Answer	Answer	Answer
Cost of goods sold	Answer	Answer	Answer

Answer 1

А в с 156 1,056 1,212 (222) 990 1,740 492 2,100 2,592 (300) 2,292 2,880 330 1,500 1,830 (510) 1,320 2,400 Statement of cost of goods manufactured :- Particulars Direct materials used :- Materials inventory, Beggining (1) Add: Purchases (2) Cost of materials available for use (1+2)-(3) Less: materials inventory, Ending (4) Cost of direct materials used in production (3-4) - (A) Direct labor (B) Factory overhead: Indirect material (6) Indirect labor (7) Other (8) Total manufacturing overhead (6+7+8)= (C) Total manufacturing costs incurred during the year (A+B+C)=D Add: Work in process inventory, Beggining (9) Total manufacturing costs accounted for (D+9)=E Less: work in process inventory, Ending (10) Cost of goods manufactured (E-10) 288 480 792 1,560 4,290 390 450 600 1,440 6,612 270 6,882 (750) 6,132 360 1,050 1,020 2,430 6,150 780 6,930 (300) ,630 72 4,362 (210) 4,152 6 Cost of goods sold :- Particulars Cost of goods manufactured (I) (As above) Add finished goods inventory, Beginning (II) Cost of goods available for sale (I+II)-III Less finished goods inventory, Ending (IV) Cost of goods sold (III-IV) A 4,152 870 5,022 (1,005) 4,017 B 6,132 1,200 7,332 (360) 6,972 C 6,630 240 6,870 (990) 5,880