Question

Cost of Goods Manufactured and Sold The following data relate to three independent production periods of Randolph Manufacturing Company. Missing data are indicated by question marks. А в с Materials: Beginning inventory $ 78 $410 S 220 Purchases ? 1,750 1,000 Ending inventory 111 250 7 Total material used 495 ? 2 880 Direct labor 870 2,400 1,600 Manufacturing overhead: Indirect material 144 ? 110 Indirect labor 240 375 700 Other 7 500 680 Total manufacturing overhead 780 1,100 ? Work in process inventories: Beginning ? 225 520 Ending 105 7 200 Finished goods inventories: Beginning ? 1,000 160 Ending 495 300 660 Cost of goods manufactured 2,076 ? 2 ? Cost of goods sold 2.016 5,275 ? Using the above data, determine the missing amounts. (You should set up a schedule of cost of goods manufactured and sold, fill in the known data, and calculate the missing amounts.) Do not use negative signs with any of your answers.

Answer 1

Schedule of cost of goods manufactured and sold
	A	B	C
Beginning inventory	$                78	$               410	$               220
Purchases	$              528	$            1,750	$            1,000
Cost of material available	$              606	$            2,160	$            1,220
Less: ending inventory	$              111	$               250	$               340
Total material used	$              495	$            1,910	$               880
Less: indirect material	$              144	$               225	$               110
Direct material cost	$              351	$            1,685	$               770
Direct labour	$              870	$            2,400	$            1,600
Manufacturing overhead
Indirect material	$              144	$               225	$               110
Indirect labour	$              240	$               375	$               700
Other manufacturing overhead	$              396	$               500	$               680
Total manufacturing overhead	$              780	$            1,100	$            1,490
Total manufacturing cost	$           2,001	$            5,185	$            3,860
Add: beginning WIP	$              180	$               225	$               520
Total cost of WIP	$           2,181	$            5,410	$            4,380
Less: Ending WIP	$              105	$               835	$               200
Cost of goods manufactured	$           2,076	$            4,575	$            4,180
Add: beginning finished goods in inventory	$              435	$            1,000	$               160
Cost of goods available	$           2,511	$            5,575	$            4,340
Less: Ending finished goods in inventory	$              495	$            3,000	$               660
Cost of goods sold	$           2,016	$            5,275	$            3,680