Question

This fest: 20 pts po Compute the cost of Goods Manufactured and cost of Goods Sold for South Marine Company for the most recent year using the amounts described next.Assa that Raw Materials inventory contains only direct materials Click the icon to view the data) Start the calculation for cost of goods manufactured by calculating the direct materials used South Marine Company Calculation of Direct Materials Used For Current Year Plus Less Direct materials used Calculate the cost of goods manufactured Data Table Plus Manut End of Year $ 9.500 Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Beginning End of of Year Year $ 24,000 $ 31.000 insurance on plant $ 39.000 $ 34,000 Depreciation plant building and equipment $ 22.000 23,000 Repairs and maintenance plant $ 74.000 Marketing expenses 82,000 General and administrative expenses $ 40,000 $12.700 $ 30800 $ 78.000 $ 30.500 Loss Cost of goods Now calculate Print Done For Current Year Plus Less Choose from any list or enter any number in the input fields and then continue to the next question

Answer 1

Computation of cost of goods manufactured and cost of goods sold:

First,

South Marine company
Calaculation of Direct Materials used
For Current year
Raw materails inventory, beginning balance	$24000
Plus: purchase of raw materials	$74000
Total raw materials available for use	$98000
Less: Raw materials inventory, Ending balance	($31000)
Direct Materails used	$67000

Now,

South Marine company
Calaculation of Cost of goods manufactured
For Current year
Work in process inventory, beginning balance	$39000
Plus: Manufacturing costs incurred
Direct materials used	$24000
Direct labor	$74000
Manufacturing overhead incurred	$66000
Subtotal	$203000
Less: Work in process inventory, Ending balance	($34000)
Cost of goods manufactured	$169000

Notes:

Manufacturing overhead incurred:
Indirect labor	$40000
Insurance on plant	$9500
Depreciation-plant, buidling & equipment	$12700
Repairs and maintainance-plant	$3800
	$66000

Now,

South Marine company
Calaculation of Cost of goods sold
For Current year
Finished goods inventory, beginning balance	$22000
Plus: Cost of goods manufactured	$66000
Total cost of goods available for sale	$88000
Less: Finished goods inventory, Ending balance	($23000)
Cost of goods sold	$65000

_____×_____

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