Homework Answers
| MingWare Ceramics Inc. | |||
| Cost of goods sold budget | |||
| For the Month ending september 30 | |||
| Finished goods inventory -Sep 1 | $ 10,850.00 | ||
| Work in process inventory Sep 1 | $ 3,250.00 | ||
| Direct materials used | |||
| Raw material Inventory Beginning | $ 13,390.00 | ||
| Raw material Purchased | $ 1,49,470.00 | ||
| Raw material available for use | $ 1,62,860.00 | ||
| Less: Raw material Inventory Ending | $ 12,800.00 | ||
| Direct Material Used | $ 1,50,060.00 | ||
| Direct labor | $ 1,62,790.00 | ||
| Manufacturing Overheads | $ 99,400.00 | ||
| Total manufacturing cost incurred during the year | $ 4,12,250.00 | ||
| Total manufactiuring cost to account for | $ 4,15,500.00 | ||
| Less: WIP inventory, September 30 | $ 1,810.00 | ||
| Cost of goods manufactured | $ 4,13,690.00 | ||
| Goods available for sale | $ 4,24,540.00 | ||
| Less: Ending Finished goods inventory | $ 11,590.00 | ||
| Cost of goods sold | $ 4,12,950.00 | ||
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