a.
Statement of cost of goods manufactured
For the Month ended January 31
Work in process inventory, January 1 | 134,720 | ||
Direct material : | |||
Material inventory, January 1 | 195,250 | ||
Purchases | 374,880 | ||
Cost of material available for use | 570,130 | ||
Material inventory, January 31 | 171,820 | ||
Cost of Direct material used in production | 398,310 | ||
Direct labor | 351,450 | ||
Factory overhead : | |||
Indirect labor | 37,490 | ||
Machinery depreciation | 22,650 | ||
Heat, Light and Power | 7,810 | ||
Supplies | 6,250 | ||
Property taxes | 5,470 | ||
Miscellaneous costs | 10,150 | ||
Total factory overhead | 89,820 | ||
Total manufacturing costs incurred during January | 839,580 | ||
Total manufacturing costs | 974,300 | ||
Work in process inventory, January 31 | -118,560 | ||
Cost of goods manufactured | $855,740 |
Cost of goods manufactured = $855,740
b.
Cost of goods sold for January = Cost of goods manufactured + Beginning inventory of finished goods - Ending inventory of finished goods
= 855,740 + 99,580 - 116,840
= $838,480
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