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 $364 5 1,148 5770 Purchases ? 4900 3,500 Ending inventory 518 700 ? Total material used 2,310 ? 3.080 Direct labor 4,060 6,720 5,600 Manufacturing overhead: Indirect material 672 ? 840 Indirect labor 1.120 1,050 2,450 Other ? 1,400 2,380 Total manufacturing overhead 3,640 3,360 ? Work in process inventories: Beginning ? 630 1,820 Ending 490 7700 Finished goods inventories: Beginning ? 2,800 560 Ending 2,345 840 2,310 Cost of goods manufactured 9,688 Cost of goods sold 9.373 16.268 ?

Answer 1

Answer:

The missing amounts are filled in as follows (yellow highlighted):

Schedule of Cost of Goods Manufactured and Sold Direct Material Beginning materials inventory Cost of material purchased $364 $2,464 $2,828 $1,148 $4,900 $770 $3,500 $4,270 $6,048 $700 Cost of material available Less: Ending material inventory $518 $1,190 $2,310 $672 $1,638 $4,060 $5,348 $910 $3,080 Total material used Less: indirect material used $840 $4,438 $2,240 Direct material used $6,720 $5,600 Direct labor Manufacturing overhead $672 $910 $1,050 $840 $2,450 Indirect material $1,120 Indirect labor $1,848 $1,400 $2,380 Other Total manufacturing overhead Total manufacturing cost Add beginning work in process inventory Total cost of work in process Less: Ending work in process inventory $3,640 $3,360 $9,338 $14,518 $13,510 $630 $5,670 $840 $1,820 $10,178 $15,148 $15,330 $490 $9,688 $14,308 $14,630 $840 $700 Cost of Goods Manufactured Add: Beginning finished goods inventory $2,030 $2,800 $560 $11,718 $17,108 $15,190 $2,310 $9,373 $16,268 $12,880 Cost of goods available Less: Ending finished goods inventory $2,345 $840 Cost of Goods Sold

The above excel with 'show formula' is as follows:

A. Schedule of Cost of Goods Manufactured and Sold B 3 Direct Material Beginning materials inventory Cost of material purchased 364 1148 770 4900 =B6-B4 3500 =B8+B7 |=C4+C5 |=D4+D5 Cost of material available Less: Ending material inventory 518 700 =D6-D8 Total material used 2310 -Сб-С7 3080 672 Less: indirect material used [=C13 840 Direct material used =C8-C9 =D8-D9 10 =B8-B9 11 Direct labor 4060 6720 5600 12 Manufacturing overhead 672 |=C16-C15-C14 840 Indirect material 13 1120 1050 Indirect labor 14 2450 |=B16-B14-B13 1400 Other 2380 15 |=D13+D14+D15 3640 Total manufacturing overhead 17 Total manufacturing cost 18 Add beginning work in process inventory 19 Total cost of work in process 20 Less: Ending work in process inventory 3360 16 =B10+B11+B16 =C10+C11+C16 =D10+D11+D16 =B19-B17 =B20+B21 630 1820 =C17+C18 =D17+D18 =C19-C21 490 700 |=D19-D20 21 Cost of Goods Manufactured =C23-C22 9688 22 Add: Beginning finished goods inventory =B23-B21 2800 560 |=C25+C24 |=D21+D22 |=B25+B24 23 Cost of goods available 24 Less: Ending finished goods inventory 25 Cost of Goods Sold 2310 2345 840 =D23-D24 9373 16268 5.