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Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the montDirect materials: Factory overhead: Total factory overhead Total manufacturing costs incurred during January Total manufactur

Total manufacturing costs $ Cost of goods manufactured b. Determine the cost of goods sold for January. HA

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Answer #1
Answer a )
Sandusky Manufacturing Company
Statement of Cost of goods manufactured
For the month ended January 31 $ $
Direct Materials 285010 See working note below
Direct Labour 245700
530710
Factory Overhead
Indirect Labor 26210
Machinery depreciation 15830
Heat light and power 5460
Supplies 4370
Total Factory Overheads 51870
Total Manufacturing cost incurred in January 582580
Total Manufacturing Costs 582580
Cost of good manufactured 582580
Answer b )
Cost of goods sold
For the month ended January 31 $ $
Cost of goods manufactured 582580
Property Tax 3820
Miscellaneous Costs 7100 10920
Cost of goods sold 593500
Assumptions
Property Tax and Miscellaneous Costs have not been
considered to be cost of goods manufactured.
However , these costs have been included into
Cost of Goods Sold
Working note for calculation of Cost of material consumed
Materials Account
Particulars Amount Particulars Amount
Op bal 136500 Cost of material issued 275730
Purchases 262080
Closing bal 122850
398580 398580
WIP Account
Particulars Amount Particulars Amount
Op bal 92820 Cost of material consumed 285010
Cost of mat issued 275730
Cl bal 83540
368550 368550
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