Question

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 companies, compute the cost of goods manufactured and the cost of goods sold: А в Selling expenses $500 $800 $600 Factory insurance 260 245 Ending finished goods inventory 810 750 Non-factory administrative expenses 250 450 Direct labor 2.560 2.760 2.120 Beginning materials inventory 520 670 Beginning work in process inventory 1.120 840 1.070 Indirect materials used 390 Factory utilities 240 Factory depreciation 730 Ending work in process inventory 1.360 Ending materials inventory Indirect labor Beginning finished goods inventory Factory repairs and maintenance Net delivered cost of materials purchased 3.140 4.410 2.870 Factory supplies used 330 310 210 2,560 2,760 Direct materials used Direct labor Total manufacturing overhead Total manufacturing costs Cost of goods manufactured Cost of goods sold Check

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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