Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information...

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Question

Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information...

Cost of Goods Manufactured and Sold

Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:

Direct labor cost	$495,900
Purchases of direct materials	378,890
Freight-in on materials	7,500
Factory supplies used	18,500
Factory utilities	54,000
Commissions paid	78,983
Factory supervision and indirect labor	165,000
Advertising	145,600
Materials handling	16,900
Work-in-process inventory, January 1	201,000
Work-in-process inventory, December 31	117,400
Direct materials inventory, January 1	37,200
Direct materials inventory, December 31	34,600
Finished goods inventory, January 1	59,200
Finished goods inventory, December 31	62,700

Required:

1. Prepare a cost of goods manufactured statement.

Anglin Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Direct materials:
Beginning inventory	$
Add: Purchases
Add: Freight-in on materials
Materials available	$

Direct materials used in production		$

Manufacturing overhead:
	$



Total overhead costs
Total manufacturing costs added		$


Cost of goods manufactured		$

2. Prepare a cost of goods sold statement.

Anglin Company
Statement of Cost of Goods Sold
For the Year Ended December 31
	$
Add: Beginning finished goods inventory
Cost of goods available for sale	$
Less: Ending finished goods inventory
Cost of goods sold	$

business accounting

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Answer 1

Answer #1

cost of goods manufactured statement
Anglin Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Direct materials:
Beginning inventory	$	37,200
Add: Purchases		378,890
Add: Freight-in on materials		7,500
Materials available	$	34,600

Direct materials used in production		388,990

Manufacturing overhead:	$
Direct labor cost		495900
Factory supplies used		18500
Factory utilities		54000

Total overhead costs		568400
Total manufacturing costs added		957,390
Work-in-process inventory, January 1	201,000
Work-in-process inventory, December 31	117,400	83,600
Cost of goods manufactured		1,040,990

cost of goods sold statement
Anglin Company
Statement of Cost of Goods Sold
For the Year Ended December 31
Cost of goods manufactured	1040990
Add: Beginning finished goods inventory	59,200
Cost of goods available for sale	1,100,190
Less: Ending finished goods inventory	62,700
Cost of goods sold	1,037,490

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Answer 2

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