Question

Purchases of raw materials Maintenance, factory Direct labour Depreciation, factory equipment Indirect materials, factory Selling and administrative salaries Utilities, factory Sales commissions Insurance, factory equipment Depreciation, sales equipment Advertising expenses Rent, factory building $ 187,000 42,700 36,300 62,600 3,950 48,200 29,800 19,400 4,950 23, 800 117,000 ? The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows: Raw materials Work in process Finished goods Beginning of Month $ 44,000 31,600 24,500 End of Month ? ? ? Raw materials used in production cost $204,920, total overhead costs for the year were $229,280, the goods available for sale totalled $436,000, and the cost of goods sold totalled $374,500. Required: 1-a. Prepare a schedule of cost of goods manufactured of the company's income statement for the year.

Answer 1

June 2020 - July 2021 - Microsoft Excel Home Insert Page Layout Formulas Data Review View х fr Insert Function А 4 5 6 7 8 9 10 11 12 13 14 15 16 a Define Name Σ Trace Precedents 5 Show Formulas Calculate Now Use in Formula - Trace Dependents Error Checking AutoSum Recently Financial Logical Text Date & Lookup & Math & More Name Watch Calculation Calculate Sheet Used Time Reference TrigFunctions Manager in Create from Selection Remove Arrows x Evaluate Formula Window Options Function Library Defined Names Formula Auditing Calculation B5 fx Carlton Manufacturing B с D E G H Requirement (1a) Requirement (1) Carlton Manufacturing Carlton Manufacturing Schedule of Cost of goods manufactured Schedule of Cost of goods sold Direct Materials: Finished Goods Inventory,Beginning 24500 Raw Material Inventory, Beginning 44000 Add: Cost of goods Manufactured =G9-G7 Add : Purchase of Raw Materials 187000 Goods Available for sale 436000 Raw Materials available for use =SUM(C8:09) Deduct : Finished goods Inventory, Ending =G9-G11 Deduct : Raw Material Inventory, Ending =C10-D12 Cost of goods sold 374500 Raw Materials used in Production 204920 Direct Labour 36300 Manufacturing Overhead: Requirement (2) Depreciation Factory Equipment 62600 Average Cost Indirect Materials, Factory 3950 Direct Materials =D12/18800 Per Unit Insurance,Factory Equipment 4950 (204920/18800 Units) Maintenance, Factory 42700 Rent, Factory Building =C19/18800 Per Unit Rent, Factory Building =D21-SUM(C15:C18)-C20 (85280/18800 Units) Utilities, Factory 29800 Total Overhead Costs 229280 Requirement (3) Total Manufacturing Costs =SUM(D12:D21) Unit cost Total Cost Add : Work in Process Inventory,Beginning 31600 Direct Materials =G16 =23800*G23 =SUM(D22:D23) Rent, Factory Building =H24/23800 =C19 Deduct : Work in Process Inventory, Ending =D24-D26 Cost of goods Manufactured =G8 Note : Direct Material is Variable Cost So Per Unit Co Change With Total Cost, Where As Rent Is O Change With Volume. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Note : Do Comment For Any Further Assista Sheet1556 Sheet1557 Sheet1561 Sheet1560 Sheet1615 Sheet1559 + Sheet1563 Sheet1564 Sheet156) Ready OU 100%

Requirement (1) Carlton Manufacturing Schedule of Cost of goods sold Finished Goods Inventory,Beginning $ 24,500 Add: Cost of goods Manufactured $ 411,500 Goods Available for sale $ 436,000 Deduct : Finished goods Inventory, Ending $ 61,500 Cost of goods sold $374,500 $ 204,920 $ 36,300 Requirement (1) Carlton Manufacturing Schedule of Cost of goods manufactured Direct Materials : Raw Material Inventory,Beginning $ 44,000 Add : Purchase of Raw Materials $ 187,000 Raw Materials available for use $ 231,000 Deduct : Raw Material Inventory, Ending $ 26,080 Raw Materials used in Production Direct Labour Manufacturing Overhead : Depreciation, Factory Equipment $ 62,600 Indirect Materials, Factory $ 3,950 Insurance, Factory Equipment $ 4,950 Maintenance, Factory $ 42,700 Rent, Factory Building $ 85,280 Utilities, Factory $ 29,800 Total Overhead Costs Total Manufacturing Costs Add : Work in Process Inventory,Beginning Requirement (2) Average Cost 10.90 Per Unit $ Direct Materials (204920/18800 Units) Rent, Factory Building (85280/18800 Units) $ 4.54 Per Unit Requirement (3) $ 229,280 $470,500 $ 31,600 $ 502,100 $ 90,600 $ 411,500 Direct Materials Rent, Factory Building Unit cost Total Cost $ 10.90 $ 259,420 $ 3.58 $ 85,280 Deduct : Work in Process Inventory, Ending Cost of goods Manufactured Note : Direct Material is Variable Cost So Per Unit Cost Remains Same and Change With Total Cost, Where As Rent Is Overhead Cost Per Unit Change With Volume. Note : Do Comment For Any Further Assistance :)