Question

Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company: Administrative salaries (non-factory) $212.500 117,500 Administrative rent (non-factory) Advertising and promotion expense 232.500 192,500 Depreciation-administrative Depreciation factory 237,500 Depreciation-selling 90,000 Direct labor 812,500 a Factory rent 170,000 Factory supplies used 57,500 Finished goods inventory January 1) 152.500 Finished goods inventory (December 31) 157.500 Indirect material used 67.500 Indirect labor 110,000 Materials inventory (January 1) 55.000 Materials inventory (December 31) 75.000 Net delivered cost of materials purchased 525.000 Other factory overhead 137.500 Sales 2.345.000 Sales sales expense Work in process inventory january 3230 Work in process inventory (December 31 72.500 Using the above data, prepare a schedule of cost of goods manufactured and sold Do not use negative sigos with any of your answers 个 o BI

Answer 1

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A B D E 1 2 3 4 5 6 7 9 10 11 12 437500 812500 13 14 15 16 Bishop Manufacturing Company Schedule of Cost of goods manufactured and sold For the year ended December 31, 2016 Direct material Beginning material inventory 55000 Material purchased 525000 Cost of material available 580000 Less: Ending material inventory - 75000 Total material used 505000 Less: Indirect material -67500 Direct material used Direct labor Manufacturing overhead Indirect material 67500 Indirect labor 110000 Factory supplies used 57500 Factory depreciation 237500 Factory rent 170000 Other factory overhead 137500 Total manufacturing overhead Total manufacturing cost for the year Add: Beginning work in process inventory Total cost of work in process during the year Less: Ending work in process inventory Cost of goods manufactured Add: Beginning finished goods inventory Cost of goods available for use Less: Ending finished goods inventory Cost of goods sold Sheet95 Sheet96 Sheet97 Sheet98 Sheet99 17 18 19 20 21 22 23 24 25 26 780000 2030000 82500 2112500 - 72500 2040000 152500 2192500 - 157500 27 28 29 30 2035000 Sheet100 Sh

For calculation ref:

A B с D 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 Bishop Manufacturing Company Schedule of Cost of goods manufactured and sold For the year ended December 31, 2016 Direct material Beginning material inventory 55000 Material purchased 525000 Cost of material available =SUM(C6:07) Less: Ending material inventory - 75000 Total material used -C8+C9 Less: Indirect material -67500 Direct material used =C10+C11 Direct labor 812500 Manufacturing overhead Indirect material 67500 Indirect labor 110000 Factory supplies used 57500 Factory depreciation 237500 Factory rent 170000 Other factory overhead 137500 Total manufacturing overhead =SUM(C15:C20) Total manufacturing cost for the year =D21+D13+D12 Add: Beginning work in process inventory 82500 Total cost of work in process during the year =D23+D22 Less: Ending work in process inventory |-72500 Cost of goods manufactured =D24+D25 Add: Beginning finished goods inventory 152500 Cost of goods available for use =D27+D26 Less: Ending finished goods inventory - 157500 Cost of goods sold =D28+D29 Sheet95 Sheet96 Sheet97 Sheet98 Sheet99 Sheet100 19 20 21 22 23 24 25 26 27 28 29 30 Shee