Homework Answers
Cost of Goods Sold is the direct cost incurred in producing the Goods sold during a period. It includes material cost, labour cost and direct overhead. However Selling expenses and Administrative expenses are excluded from calculating COGS because these are indirect and doesnot incur while producing the goods.
COGS = Material cost + Labour Cost + Direct Overhead
And, Material Cost = Opening Inventory + Purchase - Closing Inventory
Therefore, Calculation of COGS of Guzzardi is as under -
| Particular | Amount | Amount | |
| Opening Inventory | |||
| Raw Material | 37000 | ||
| Work In Progress | 19000 | ||
| Finished Goods | 62000 | 118000 | |
| Add: | Purchase of Raw material | 362000 | |
| Direct Labor cost | 207000 | ||
| Manufacturing overhead | 775000 | ||
| Less : | Closing Inventory | ||
| Raw Material | 44000 | ||
| Work In Progress | 3000 | ||
| Finished Goods | 77000 | 124000 | |
| Total | 1338000 |
Hope you understood the solution. In case of Any query please Comment.
Cheers!!
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Assume all raw materials used in production were direct
materials.
2. Prepare a schedule of cost of goods sold. Assume that the
company's underapplied or overapplied overhead is closed to Cost of
Goods Sold.
3. Prepare an income statement.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to...
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