Question

Comote the cost of Good Hantured and cost of Goods Sold for South Marine Company for the most recent year using cck the con t e ) mo desorbed next Assume that Raw Materials inventory contains only direct mais at the c ost of goods and by a ndre m ed South Marine Company Calculation of Direct Materials Used For Current Year Data Table End of Being of Year S 20.000 5 5.000 21000 Direct materials used Raw materia inventary Work in process story Fished in Purchase of direct me Det 34,000 sunce on plant. .. 28.000 Depreciation anti ng and equipment 27000 Repairs and ma n ant Martin 7000 12.700 4.200 Calculate the cost of goods manufactured South Marine Company Calculation of Cost of Goods Manufactured For Current Year Plus Manufacturing costs incurred Pon [Done

Answer 1

South Marine Company Caluclation of Direct materials used For Current Year Raw Material inventory beginning $ Plus: Purchase of Direct Materials $ Raw materials available $ Less: Raw materials inventory Ending $ Direct Materials Used S 20,000 79,000 99,000 34,000 65,000 South Marine Company Caluclation of cost of Goods Manufactured For Current Year Work in process inventory Beginning 35,000 Plus: Manufacturing costs incured Direct Materials used $ 65,000 Direct Labour $ 80,000 Manufacturing Overhed $ 63,900 Total cost of Work in process $ 243,900 Less: work in process inventory Ending $ 29,000 Cost of Goods Manufactured I$ 214.900 Note : Manufacturing Overhead = $40,000+$7,000+$12,700+4,200 = $63,900

South Marine Company Caluclation of Cost of goods sold For Current Year Finished goods Inventory beginning $ Plus: Cost of Goods Manufactured $ Cost of goods available for sale $ Less: Finished goods Inventory Ending $ Cost of Goods sold S 21,000 214,900 235,900 27,000 208,900