Question

Cost of Goods Sold, Cost of Goods Manufactured

Glenville Company has the following information for April:

Cost of direct materials used in production	$	62,000
Direct labor		72,000
Factory overhead		23,000
Work in process inventory, April 1		50,000
Work in process inventory, April 30		39,000
Finished goods inventory, April 1		25,000
Finished goods inventory, April 30		18,000

a. For April, determine the cost of goods manufactured.

Using the data given, prepare a statement of Cost of Goods Manufactured.

Glenville Company
Statement of Cost of Goods Manufactured
Work in process inventory, April 1		$
Cost of direct materials used in production	$
Direct labor
Factory overhead
Total manufacturing costs incurred in April
Total manufacturing costs		$
Work in process inventory, April 30
Cost of goods manufactured		$

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a. Add direct materials, direct labor, and factory overhead to the beginning work in process inventory. Subtract the ending work in process inventory.

b. For April, determine the cost of goods sold.

Using the data given, prepare a statement of Cost of Goods Sold.

Glenville Company
Statement of Cost of Goods Sold
Finished goods inventory, April 1	$
Cost of goods manufactured
Cost of finished goods available for sale	$
Finished goods inventory, April 30
Cost of goods sold	$

Answer 1