Question

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows Inventories Materials Work in process 117,980100,280 Finished goods January 1 January 31 $178,750$151,940 91,160103,320 Direct labor Materials purchased during January Factory overhead incurred during January: $321,750 343,200 Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 34,320 20,740 7,150 5,720 5,010 9,300 a. Prepare a cost of goods manufactured statement for January Disksan Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 Direct materials:

Answer 1

Ans-a- Preparing a cost of goods manufactured statement for January:-

Diskan Manufacturing Company

Statement of Cost of Goods Manufactured

For the Month Ended January 31

Beginning Work in Process, March 1			$117,980
Direct Material
Beginning Direct Material Inventory, March 1	$178,750
Add: Material Purchased	$343,200
Cost of Materials Available for use	$521,950
Less: Ending Inventory March 31	$151,940
Cost of Direct Materials Used		$370,010
Direct Labor		$321,750
Factory Overhead:
Indirect Labor	$34,320
Machinery Depreciation	$20,740
Heat, Light and Power	$7,150
Supplies	$5,720
Property Taxes	$5,010
Miscellaneous Costs	$9,300
Total Factory Overhead		$82,240
Total Manufacturing Costs Incurred			$774,000
Total Manufacturing Costs			$891,980
Less: Ending Work in Process, March 31			$100,280
Cost of Goods Manufactured			$791,700

Determining the cost of goods sold for March:-

Cost of Goods Sold= Cost of Goods Manufactured + Beginning Finished Goods - Ending Finished Goods

=$791,700+$91,160- $ 103,320

= $779,540

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