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costs of goods manufactured and cost of goods sold

Business Course # Return to course Cost of Goods Manufactured and cost of Goods Sold For each of the following unrelated comp
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Answer #1

Cost of goods manufactured and cost of goods sold

Direct materials:
Beginning material inventory $520 $670 $350
Direct materials purchased 3,140 4,410 2,870
Direct materials available for use 3,660 5,080 3,220
Less: Ending material inventory (440) (710) (410)
Direct materials used $3,220 $4,370 $2,810
Direct Labour $2,560 $2,760 $2,120
Manufacturing overhead:
Factory depreciation 730 760 380
Factory insurance 260 245 140
Indirect materials used 390 420 230
Factory utilities 240 275 150
Indirect labour 425 280 160
Factory repairs and maintenance 215 230 175
Factory supplies 330 310 210
Total manufacturing overhead $2,590 $2,520 $1,445
Total manufacturing costs $8,370 $9,650 $6,375
Add: Beginning work-in-process 1,120 840 1,070
Total goods in process 9,490 10,490 7,445
Less: Ending work in process (1,360) (790) (950)
Cost of goods manufactured $8,130 $9,700 $6,495
Add: beginning finished goods inventory 850 725 480
Cost of goods available for sale 8,980 10,425 6,975
Less: Ending Finished goods inventory (810) (750) (515)
Cost of goods sold $8,170 $9,675 $6,460

_____×_____

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