Question

1) Logan Products, a small manufacturer, has submitted the items below concerning last year's operations. The president's secretary, trying to be helpful, has alphabetized the list. Administrative salaries $ 2,400 Advertising expense 1,200 Depreciation-factory building 800 Depreciation factory equipment 1,600 Depreciation office equipment 180 Direct labour cost 21,900 Raw materials inventory, beginning 2,100 Raw materials inventory, ending 3,200 Finished goods inventory, beginning 46,980 Finished goods inventory, ending 44,410 General liability insurance expense 240 Indirect labour cost 11.800 Insurance on factory 1.400 Purchases of raw materials 14.600 Repairs and maintenance of factory 900 Sales salaries 2.000 Taxes on factory 450 Travel and entertainment expense 1.410 Work in process inventory, beginning 1.670 Work in process inventory, ending 1.110 Required: a Prepare a schedule of Cost of Goods Manufactured in good form for the year. b. Determine the Cost of Goods Sold for the year.

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Answer 1

Logan Company
Schedule of cost of goods manufatured
Particulars	Amount	Amount
Raw material used
Opening inventory	$           2,100
purchases	$         14,600
available	$         16,700
less closing inventory	$           3,200	$         13,500
Direct labour '		$         21,900
Manufacturing overhead:
Depreciation	$           2,400
Indirect labour cost	$         11,800
Insurance on factory	$           1,400
Repairs and mainrtance	$               900
Taxes on factory	$               450	$         16,950
Total manufacturing cost		$         52,350
ADD: Opening WIP	$           1,670
Less :clsoing WIP	$           1,110
Cost of goods manufatured		$         52,910

Cost of goods sold for the year
Particulars	Amount	Amount
Finished goods inventory, beginning	$         46,980
Cost of goods manufactured	$         52,910
Available for sale		$         99,890
Less finished goods inventory, ending	$         44,410
Cost of goods sold		$         55,480