Question

Thank you in advance! Please fill in the empty square boxes for (a) and (b). This is my second post, the first one I had answered by someone had wrong numbers for every question (I'm not sure if the answers were from a different post with different numbers) so I'm hoping this will work! Thanks again :)

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $122,850 Work in process $136,500 92,820 70,980 83,540 Finished goods 82,310 Direct labor $245,700 Materials purchased during January 262,080 Factory overhead incurred during January: Indirect labor 26,210 Machinery depreciation 15,830 Heat, light, and power 5,460 4,370 Supplies Property taxes 3,820 Miscellaneous costs 7,100 a. Prepare a cost of goods manufactured statement for January.

Answer 1

a
Statement of Cost of Goods Manufactured
For the Month Ended January 31
Work in process inventory, January 1			92820
Direct materials:
Materials inventory, January 1	136500
Purchases	262080
Cost of materials available for use	398580
Materials inventory, January 31	122850
Cost of direct materials used in production		275730
Direct labor		245700
Factory overhead:
Indirect labor	26210
Machinery depreciation	15830
Heat, light, and power	5460
Supplies	4370
Property Taxes	3820
Miscellaneous costs	7100
Total factory overhead		62790
Total manufacturing costs incurred during January			584220
Total manufacturing costs			677040
Work in process inventory, January 31			83540
Cost of goods manufactured			593500
b
Finished goods inventory, January 1	70980
Add: Cost of goods manufactured	593500
Cost of finished goods available for sale	664480
Less: Finished goods inventory, January 31	82310
Cost of goods sold	582170