Schedule of Cost of Goods Manufactured and
Sold
The following amounts are available for 2016 for Bourne
Manufacturing Company:
Administrative salaries (non-factory) | $105,000 |
Administrative rent (non-factory) | 52,500 |
Advertising and promotion expense | 61,500 |
Depreciation-administrative | 33,000 |
Depreciation-factory | 45,000 |
Depreciation-selling | 25,500 |
Direct labor | 262,500 |
Factory rent | 27,000 |
Factory supplies used | 18,000 |
Finished goods inventory (January 1) | 85,500 |
Finished goods inventory (December 31) | 78,000 |
Indirect material used | 21,000 |
Indirect labor | 28,500 |
Materials inventory (January 1) | 19,500 |
Materials inventory (December 31) | 30,000 |
Net delivered cost of materials purchased | 207,000 |
Other factory overhead | 39,000 |
Sales | 1,267,500 |
Sales salaries expense | 108,000 |
Work in process inventory (January 1) | 27,000 |
Work in process inventory ( December 31) | 46,500 |
Using the above data, prepare a schedule of cost of goods
manufactured and sold.
Do not use negative signs with any of your answers.
Bourne Manufacturing Company Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 |
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---|---|---|---|
Direct material: | |||
Beginning materials inventory | Answer | ||
Cost of materials purchased | Answer | ||
Cost of material available | Answer | ||
Less: | Ending materials inventory | Answer | |
Total materials used | Answer | ||
Less: | Indirect materials used | Answer | |
Direct material used | Answer | ||
Direct labor | Answer | ||
Manufacturing overhead | |||
Indirect material | Answer | ||
Indirect labor | Answer | ||
Factory supplies used | Answer | ||
Factory depreciation | Answer | ||
Factory rent | Answer | ||
Other factory overhead |
Answer | ||
Total manufacturing overhead | Answer | ||
Total manufacturing costs for the year | Answer | ||
Add: | Beginning work in process inventory | Answer | |
Total cost of work in process during the year | Answer | ||
Less: | Ending work in process inventory | Answer | |
Cost of goods manufactured | Answer | ||
Add: | Beginning finished goods inventory | Answer | |
Cost of goods available for sale | Answer | ||
Less: | Ending finished goods inventory | Answer | |
Cost of goods sold | Answer |
Bourne Manufacturing Company Schedule of Cost of Goods Manufactured and Sold For The Year Ended December 31, 2016 |
||
Direct material | ||
Beginning material inventory | $19,500 | |
Cost of material purchased | 207,000 | |
Cost of material available | 226,500 | |
Less: Ending material inventory | (30,000) | |
Total material used | 196,500 | |
Less: Indirect material used | (21,000) | |
Direct material used | $175,500 | |
Direct labor | 262,500 | |
Manufacturing overhead | ||
Indirect material | 21,000 | |
Indirect labor | 28,500 | |
Factory supplies used | 18,000 | |
Factory depreciation | 45,000 | |
Factory rent | 27,000 | |
Other factory overhead | 39,000 | |
Total manufacturing overhead | 178,500 | |
Total manufacturing cost for the year | 616,500 | |
Add: Beginning work in process | 27,000 | |
Total cost of work in process during the year | 643,500 | |
Less: Ending work in process | (46,500) | |
Cost of goods manufactured | 597,000 | |
Add: Beginning finished goods | 85,500 | |
Cost of goods available for sale | 682,500 | |
Less: Ending finished goods | (78,000) | |
Cost of goods sold | $604,500 |
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for...
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