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Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company...

  1. Statement of Cost of Goods Manufactured for a Manufacturing Company

    Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:

    Inventories January 1 January 31
    Materials $208,750 $187,880
    Work in process 139,860 125,880
    Finished goods 108,550 127,760
    Direct labor $375,750
    Materials purchased during January 400,800
    Factory overhead incurred during January:
    Indirect labor 40,080
    Machinery depreciation 24,220
    Heat, light, and power 8,350
    Supplies 6,680
    Property taxes 5,850
    Miscellaneous costs 10,860

    a. Prepare a cost of goods manufactured statement for January.

    Sandusky Manufacturing Company
    Statement of Cost of Goods Manufactured
    For the Month Ended January 31
    $
    Direct materials:
    $
    $
    $
    Factory overhead:
    $
    Total factory overhead
    Total manufacturing costs incurred during January
    Total manufacturing costs $
    Cost of goods manufactured $

    b. Determine the cost of goods sold for January.
    $

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Solutions

Expert Solution

a
Sandusky Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended January 31
Work in process, January 1 139860
Direct materials:
Materials inventory, January 1 208750
Purchases 400800
Cost of materials available for use 609550
Materials inventory, January 31 187880
Cost of direct materials used 421670
Direct labor 375750
Factory overhead:
Indirect labor 40080
Machinery depreciation 24220
Heat, light, and power 8350
Supplies 6680
Property taxes 5850
Miscellaneous costs 10860
Total factory overhead 96040
Total manufacturing costs incurred during January 893460
Total manufacturing costs 1033320
Work in process inventory, January 31 125880
Cost of goods manufactured 907440
b
Finished goods inventory, January 1 108550
Cost of goods manufactured 907440
Cost of finished goods available for sale 1015990
Finished goods inventory, January 31 127760
Cost of goods sold 888230

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