Question

1. Cost of Goods Sold, The total cost of making and finishing a product.Cost of Goods Manufactured

   Glenville Company has the following information for April:

   The cost of materials that are an integral part of the finished product.Cost of direct materials used in production	$	49,000
   The wages of factory workers who are directly involved in converting materials into a finished product.Direct labor		55,000
   All of the costs of producing a product except for direct materials and direct labor.Factory overhead		28,000
   The direct materials costs, the direct labor costs, and the applied factory overhead costs that have entered into the manufacturing process but are associated with products that have not been finished.Work in process inventory, April 1		38,000
   Work in process inventory, April 30		41,000
   The direct materials costs, direct labor costs, and factory overhead costs of finished products that have not been sold.Finished goods inventory, April 1		24,000
   Finished goods inventory, April 30		18,000

   a. For April, determine the cost of goods manufactured.

   Using the data given, prepare a statement of Cost of Goods Manufactured.

   Glenville Company
   Statement of Cost of Goods Manufactured
   Direct labor Factory overhead Finished goods inventory, April 30 Work in process inventory, April 1		$
   Cost of direct materials used in production Cost of goods manufactured Work in process inventory, April 1 Work in process inventory, April 30	$
   Direct labor Finished goods inventory, April 1 Work in process inventory, April 1 Work in process inventory, April 30
   Cost of finished goods available for sale Factory overhead Finished goods inventory, April 30 Work in process inventory, April 1
   Total manufacturing costs incurred in April
   Total manufacturing costs		$
   Direct labor Factory overhead Finished goods inventory, April 30 Work in process inventory, April 30
   Cost of goods manufactured		$

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   b. For April, determine the cost of goods sold.

   Using the data given, prepare a statement of Cost of Goods Sold.

   Glenville Company
   Statement of Cost of Goods Sold
   Cost of goods available for sale Finished goods inventory, April 1 Finished goods inventory, April 30 Work in process inventory, April 1	$
   Cost of goods available for sale Cost of goods manufactured Factory overhead Finished goods inventory, April 30
   Cost of direct materials Cost of finished goods available for sale Direct labor Finished goods inventory, April 30	$
   Cost of goods available for sale Cost of goods manufactured Finished goods inventory, April 1 Finished goods inventory, April 30
   Cost of goods sold	$

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Answer 1

a
Statement of Cost of Goods Manufactured
Work in process inventory, April 1		38000
Cost of direct materials used in production	49000
Direct labor	55000
Factory overhead	28000
Total manufacturing costs incurred in April		132000
Total manufacturing costs		170000
Work in process inventory, April 30		41000
Cost of goods manufactured		129000
b
Statement of Cost of Goods Sold
Finished goods inventory, April 1	24000
Cost of goods manufactured	129000
Cost of finished goods available for sale	153000
Finished goods inventory, April 30	18000
Cost of goods sold	135000