Question

25. Use the information below to calculate the missing amounts (shown by letters) in the Schedule of Cost of Goods Manufactured and the Schedule of Cost of Goods Sold. (6 Points) $ 102,000 Newenstle Manufacturing Company Schedule of Cost of Goods Manufactured Month Ended January 31 WIP Inventory, beginning balance Current period manufacturing costs: Direct materials 118,000 Direct labor Manufacturing overhead 54,000 Total current period manufacturing costs Total cost of work in process WIP Inventory, ending balance Cost of Goods Manufactured $326,000 $232.000 D Newcastle Manufacturing Company Schedule of Cost of Goods Sold Month Ended January 31 Finished Goods Inventory, beginning balance Cost of Goods Manufactured Cost of Goods Available for Sale Finished Goods Inventory, ending balance Cost of Goods Sold $460,000 $259,300

Answer 1

Newcastle Manufacturing Company
WIP Inventory, Beginning Balance		$         1,02,000
Current Period Manufacturing Cost:
Direct Material	$         1,18,000
Direct Labor	$             52,000
Manufacturing Overhead	$             54,000
Total Current Period Manufacturing Cost		$         2,24,000
Total of work in progress		$         3,26,000
WIP Inventory, Ending Balance		$             94,000
Cost Of Goods Manufactured		$         2,32,000
Finished Goods Inventory, beginning balance		$         2,28,000
Cost of goods manufactured		$         2,32,000
Cost Of Goods Available for sale		$         4,60,000
Finished Goods Inventory, ending balance		$         2,00,700
Cost Of Goods Sold		$         2,59,300

Formula:

Newcastle Manufacturing Company 102000 WIP Inventory, Beginning Balance Current Period Manufacturing Cost: Direct Material Direct Labor Manufacturing Overhead Total Current Period Manufacturing Cost Total of work in progress WIP Inventory, Ending Balance Cost Of Goods Manufactured 118000 =224000-118000-54000 54000 =326000-102000 =326000 =326000-232000 232000 Finished Goods Inventory, beginning balance Cost of goods manufactured Cost Of Goods Available for sale Finished Goods Inventory, ending balance Cost Of Goods Sold =460000-232000 232000 460000 =460000-259300 259300