The following information was taken from the accounting recordsof the Ross Manufacturing Company. Unfortunately, some of the datawere destroyed by a computer malfunction.
Case C
Sales 40,000
Finished goods inventory, January 1, 2012 5,000
Finished goods inventory, December 31, 2012 6,000
Cost of goods sold ?
Gross margin 15,000
Selling and administrative expenses ?
Net income 10,000
Work-in-process, January 1, 2012 ?
Direct material used 6,000
Direct labor 7,000
Factory overhead 10,000
Manufacturing costs incurred during 2012 ?
Work-in-process, December 31, 2012 4,000
Cost of goods manufactured ?
Direct materials inventory, January 1, 2012 1,000
Direct materials inventory, December 31, 2012 3,000
Direct materials purchased throughout 2012 8,000
Solve for the ? marks
The following information was taken from the accounting recordsof the Ross Manufacturing Company. Unfortunately, some of the datawere destroyed by a computer malfunction.
Case C
Sales 40,000
Finished goods inventory, January 1, 2012 5,000
Finished goods inventory, December 31, 2012 6,000
Cost of goods sold ?
Gross margin 15,000
Selling and administrative expenses ?
Net income 10,000
Work-in-process, January 1, 2012 ?
Direct material used 6,000
Direct labor 7,000
Factory overhead 10,000
Manufacturing costs incurred during 2012 ?
Work-in-process, December 31, 2012 4,000
Cost of goods manufactured ?
Direct materials inventory, January 1, 2012 1,000
Direct materials inventory, December 31, 2012 3,000
Direct materials purchased throughout 2012 8,000
Solve for the ? marks
Related questions
The Zoe Corporation has thefollowing information for the month of March. Prepare a schedule ofcost of goods manufactured.
Purchases | $92,000 |
Materials inventory, March 1 | 6,000 |
Materials inventory, March 31 | 8,000 |
Direct labor | 25,000 |
Factory overhead | 37,000 |
Work in process, March 1 | 22,000 |
Work in process, March 31 | 18,500 |
Finished goods inventory, March 1 | 21,000 |
Finished goods inventory, March 31 | 25,000 |
Sales | 257,000 |
Sales and administrative expenses | 79,000 |
ANS:
Zoe Corporation | |||
| Statement of Cost of Goods Manufactured Answer all in bold | |||
Work in process inventory March 1 | |||
Direct Materials: | |||
Materials inventory, March 1 | |||
Purchases | |||
Cost of materials for use | |||
Less materials inventory, March 31 | |||
Cost of materials placed inproduction | |||
Direct Labor | |||
Factory overhead | |||
Total manufacturing costs added | |||
Total manufacturing costs | |||
Less work in process inventory, March 31 | |||
Cost of goods manufactured | |||
Schedule of Cost of Goods Manufactured
Kelowna Plumbing Supplies shows the following data related toits December 31, 2017 fiscal year:
Raw materials inventory, January 1,2017 | $5,000 |
Raw materials inventory, December 31,2017 | 8,000 |
Work in process inventory, January 1,2017 | 23,000 |
Work in process inventory, December 31,2017 | 21,000 |
Finished goods inventory, January 1,2017 | 16,000 |
Finished goods inventory, December 31,2017 | 10,000 |
Advertising | 56,000 |
Factory supervisor's salary | 42,000 |
Company president's salary | 85,000 |
Property taxes - factory | 25,000 |
Depreciation - factory | 35,000 |
Factory maintenance | 7,000 |
Sales commissions | 32,000 |
Depreciation - office | 2,000 |
Utilities expense - factory | 23,000 |
Utilities expense - office | 11000 |
Purchases of raw materials | 148,000 |
Direct labour | 160,000 |
Required:
Based on the information above, prepare a schedule of cost ofgoods manufactured.
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 | $ | ||
Feedback
b. Determine the The cost of finished goodsavailable for sale minus the ending finished goods inventory.costof goods sold for January.
