Question

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

   A payment of cash (or a commitment to pay cash in the future) for the purpose of generating revenues.Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:

   Inventories	January 1		January 31
   Materials	$224,750		$193,290
   Work in process	148,340		127,570
   Finished goods	114,620		131,440

   Direct labor		$404,550
   Materials purchased during January		431,520
   Factory overhead incurred during January:
   	Indirect labor	43,150
   	Machinery depreciation	26,070
   	Heat, light, and power	8,990
   	Supplies	7,190
   	Property taxes	6,290
   	Miscellaneous costs	11,690

   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
   Indirect labor Machinery depreciation Supplies Work in process inventory, January 1			$
   Direct materials:
   Machinery depreciation Materials inventory, January 1 Supplies Work in process inventory, January 31	$
   Indirect labor Property taxes Purchases Work in process inventory, January 31
   Cost of materials available for use Less work in process inventory, January 31 Supplies Work in process inventory, January 1	$
   Indirect labor Materials inventory, January 31 Miscellaneous cost Work in process inventory, January 31
   Cost of direct materials used in production Less work in process inventory, January 31 Materials inventory, January 1 Total manufacturing costs		$
   Direct labor Indirect labor Machinery depreciation Supplies
   Factory overhead:
   Indirect labor Materials inventory, January 1 Materials inventory, January 31 Purchases	$
   Direct labor Machinery depreciation Purchases Work in process inventory, January 31
   Direct labor Heat, light, and power Materials inventory, January 1 Work in process inventory, January 31
   Direct labor Materials inventory, January 1 Purchases Supplies
   Materials inventory, January 31 Property taxes Purchases Work in process inventory, January 31
   Direct materials Miscellaneous costs Purchases Work in process inventory, January 31
   Total factory overhead
   Total manufacturing costs incurred during January
   Total manufacturing costs			$
   Cost of materials available for use Direct materials Materials inventory, January 31 Work in process inventory, January 31
   Cost of goods manufactured			$

   Feedback

   b. Determine the The cost of finished goods available for sale minus the ending finished goods inventory.cost of goods sold for January.
   $

Answer 1

STATEMENT OF COST OF GOODS MANUFACTURED
Work in process inventory, January 1		$          1,48,340
Direct materials:
Materials inventory, January 1	$          2,24,750
Purchases	$          4,31,250
Cost of materials available for use	$          6,56,000
Materials inventory, January 31	$          1,93,290
Cost of direct materials used in production		$          4,62,710
Direct labor		$          4,04,550
Factory overhead:
Indirect labor	$             43,150
Machinery depreciation	$             26,070
Heat, light and power	$                8,990
Property taxes	$                6,290
Supplies	$                7,190
Miscellaneous costs	$             11,690
Total factory overhead		$          1,03,380
Total manufacturing costs incurred during January		$        11,18,980
Work in process inventory, January 31		$          1,27,570
Cost of goods manufactured		$          9,91,410
STATEMENT OF COST OF GOODS SOLD
Finished goods, January 1		$          1,14,620
Cost of goods manufactured		$          9,91,410
Cost of finished goods available for sale		$        11,06,030
Finished goods, January 31		$          1,31,440
Cost of goods sold		$          9,74,590