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Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bourne Manufacturing Company Administrative salaries (non-factory)$140,000 70,000 82,000 44,000 60,000 34,000 350,000 36,000 24,000 114,000 Administrative rent (non-factory Advertising and promotion expense Depreciation-administrative Depreciation-factory Depreciation-selling Direct labor Factory rent Factory supplies used Finished goods inventory Ulanuary 1) 114000 Finished goods inventory (December 31) 104,000 28,000 38,000 26,000 40,000 Net delivered cost of materials purchased 276,000 52,000 1,690,000 144,000 Work in process inventary (Uanuary )36.000 Work in process inventory (December 31) 62,000 Indirect material used Indirect labor Materials inventory (January 1) Materials inventory (December 31) Other factory overhead Sales Sales salaries expense
Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers. Bourne Manufacturing Company Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory Cost of material available Less: Total materials used Less: Direct material used Direct labor Manufacturing overhead Indirect material Indirect labor Factory supplies used Factory depreciation Factory rent Total manufacturing overhead Total manufecturing costs for the year
Factory supplies used Factory depreciation Factory rent Total manufacturing overhead Total manufacturing costs for the year Add: Total cost of work in process during the year Less: Cost of goods manufactured Add: Cost of goods available for sale Less Cost of goods sold Check
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Statement of Cost of goods manufactured and sold Direct materials Beginning materials invent Add: Purchases Cost of materials available Less : Ending materials invent Direct materials used Direct labor Manufacturing overhead Indirect materials Indirect labor Factory supplies used Factory depreciation Factory rent Other factory overhead Total manufacturing overhead Total manufacturing cost for the year Add : Beginning work in process Total cost of work in process during the year Less : Ending work in process Cost of goods manufactured Add : Beginning Cost of goods available for sale Less : Ending finished goods invent Cost of goods sold S26,000 $276,000 S302,000 S40.,000 $262,000 S350,000 $28,000 $38,000 $24,000 S60,000 $36,000 $238000 $850,000 $886,000 (S62000) $824,000 $114,000 $938,000 S104,000 $834,000 finished goods invent

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