Question

need the schedule of cost of goods manufactured and schedule of cost of goods sold please.

Data Table .... Beginning End End of Year of Year of Year Raw materials inventory ........ $ 34,000 $ 36,000 Insurance on plant.... $ 13,500 Work in process inventory ...... 51,000 37,000 Depreciation-plant building Finished goods inventory 18,000 29,000 and equipment 21,000 Purchases of direct materials .... 79,000 Repairs and maintenance plant......... Direct labour ....... 89,000 Marketing expenses 86,000 Indirect labour 19.000 General and administrative expenses ... 37,000 5,500 Print Done e next question.

Answer 1

Solutions:

Schedule of cost of goods manufactured
Work in process, beginning			$51,000
Direct Materials:
Raw Materials inventory beginning	$34,000
Add: raw materials Purchases	$79,000
Total Raw materials available for use	$1,13,000
Less: Raw Materials inventorEnding	$36,000
Direct Materials used		$77,000
Direct labor		$89,000
Manufacturing Overhead:
Indirect labor	$19,000
Insurance on plant	$13,500
Depreciation - plant bilding and equipment	$21,000
Repair and maintenance- Palnt	$5,500
Total Overhead		$59,000
Total Manufacturing costs			$2,25,000
Total cost of Work in process			$2,76,000
Less: Work in pricess, Ending			$37,000
Cost of Goods Manufactured			$2,39,000

Cost of Goods sold
Cost of Goods Manufactured	$2,39,000
Add: Finished Goods Inventory, beginning	$18,000
Cost of goods available for sale	$2,57,000
Add: Finished Goods Inventory, ending	$29,000
Cost of Goods sold	$2,28,000