Question

Aalof th uts of Steidan Company reveals the fulowlng mandacturing cost data for the month ended June 30, 202 Inveatory Beginsing Endng Raw maberlals 9,710 13,770 Werk in process 5,930 8.800 Finished goods 9.570 4,180 Costs incued ran aterials punchases 155,024, drect labor $51,740, manuacturing avehead $23,300 The specfc everhead costs were: indrect labor 16.510, factory Insurance 4,700, machinery depreciation $4,380, machinery rpairs $1,990, factery uties1,4 and miscalaneus factory cots $1,980. Asse that all raw materials uned were drect materials ta) Prepare the cost of goods mancfactured schedule for the month ended June 30, 2020 SHERIDAN COPPARY Cost of Goods Handached Schodde For the Honth Ended June 30, 200 Work in Precess ventory, une 1 5930 otal Handaching Cots Diret Labor1 Hanuactoring Ovehead Handactaing Overhead Add rk in Pces entary June 20

Answer 1

Sheffield Company
Cost of Goods Manufactured Schedule
For the Month Ended September 30, 2020
Work in process inventory, June 1			$5,930
Direct Materials:
Raw materials inventory, June 1	$9,710
Add: Raw materials Purchases	$55,020
Total Raw Materials Available for use	$64,730
Less: Raw materials inventory, June 30	$13,770
Direct materials used		$50,960
Direct labor		$51,740
Manufacturing Overhead
Indirect labor	$6,510
Factory insurance	$4,700
Machine depreciation	$4,380
Factory Utilties	$3,740
Machine Repairs	$1,990
Miscellaneous Factory Costs	$1,980
Total manufacturing overhead		$23,300
Total manufacturing costs               [Direct materials used + Direct labor + Total manufacturing overhead]			$126,000
Total Cost of work in Process        [$5,930 + $126,000]			$131,930
Less: Work in process inventory, June 30			$8,800
Cost of Goods Manufactured			$123,130