Question

Use the following information for a manufacturer to compute the cost of goods manufactured and cost of goods sold

Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: 囲(Click the icon to view the information.) Schedule of Cost of Goods Manufactured and Cost of Goods Sold Data Table Direct Materials Used: Ending Inventories: Raw Materials Work-in-Process Finished Goods Other information Purchases of materials Direct labor Beginning $ 29,000 35,000 20,000 $ 32,000 31,000 26,000 Direct Materials Used $ 73,000 89,000 46,000 Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Print Done Cost of Goods Manufactured

Answer 1

Schedule of Cost of Goods Manufactured and Cost of goods sold
Beginning Work in process			$       35,000.00
Direct materials used
Raw material Inventory Beginning	$         29,000.00
Raw material Purchased	$         73,000.00
Raw material available for use	$      1,02,000.00
Less: Raw material Inventory Ending	$         32,000.00
Direct Material Used		$ 70,000.00
Direct labor		$ 89,000.00
Manufacturing Overheads		$ 46,000.00
Total manufacturing cost incurred during the year			$    2,05,000.00
Total manufacturing cost to account for			$    2,40,000.00
Less: Ending WIP inventory			$       31,000.00
Cost of goods manufactured			$    2,09,000.00
Add: Beginning Finished goods inventory			$       20,000.00
Goods available for sale			$    2,29,000.00
Less: Ending Finished goods inventory			$       26,000.00
Cost of goods sold			$    2,03,000.00