INTL 4400 Lecture Notes - Income Statement, Mass Customization, Future Shop
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Statement of Cost of Goods Manufactured for a ManufacturingCompany
A payment of cash (or a commitment to pay cash in the future)for the purpose of generating revenues.Cost data for SanduskyManufacturing Company for the month ended January 31 are asfollows:
Inventories | January 1 | January 31 | ||
Materials | $175,500 | $154,440 | ||
Work in process | 121,100 | 106,560 | ||
Finished goods | 91,260 | 103,470 |
Direct labor | $315,900 | |
Materials purchased during January | 336,960 | |
Factory overhead incurred during January: | ||
Indirect labor | 33,700 | |
Machinery depreciation | 20,360 | |
Heat, light, and power | 7,020 | |
Supplies | 5,620 | |
Property taxes | 4,910 | |
Miscellaneous costs | 9,130 |
a. Prepare a cost of goods manufacturedstatement for January.
Sandusky Manufacturing Company | |||
Statement of Cost of Goods Manufactured | |||
For the Month Ended January 31 | |||
Indirect laborMachinery depreciationSuppliesWork in processinventory, January 1 | $ | ||
Direct materials: | |||
Machinery depreciationMaterials inventory, January1SuppliesWork in process inventory, January 31 | $ | ||
Indirect laborProperty taxesPurchasesWork in process inventory,January 31 | |||
Cost of materials available for useLess work in processinventory, January 31SuppliesWork in process inventory, January31 | $ | ||
Indirect laborMaterials inventory, January 31MiscellaneouscostWork in process inventory, January 31 | |||
Cost of direct materials used in productionLess work in processinventory, January 31Materials inventory, January 1Totalmanufacturing costs | $ | ||
Direct laborIndirect laborMachinery depreciationSupplies | |||
Factory overhead: | |||
Indirect laborMaterials inventory, January 1Materialsinventory, January 31Purchases | $ | ||
Direct laborMachinery depreciationPurchasesWork in processinventory, January 31 | |||
Direct laborHeat, light, and powerMaterials inventory, January1Work in process inventory, January 31 | |||
Direct laborMaterials inventory, January1PurchasesSupplies | |||
Materials inventory, January 31Property taxesPurchasesWork inprocess inventory, January 31 | |||
Direct materialsMiscellaneous costsPurchasesWork in processinventory, January 31 | |||
Total factory overhead | |||
Total manufacturing costs incurred during January | |||
Total manufacturing costs | $ | ||
Cost of materials available for useDirect materialsMaterialsinventory, January 31Work in process inventory, January 31 | |||
Cost of goods manufactured | $ |
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b. Determine the The cost of finished goodsavailable for sale minus the ending finished goods inventory.costof goods sold for January.
I need to Prepare entries for a job order, cost system, and cost of goods manufactured schedule, but my numbers aren't matching up. Please answer both parts of the question.
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data.
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