Question
In: Accounting
Schedule of Cost of Goods Manufactured and Sold At December 31,2016, the end of its fiscal...
Schedule of Cost of Goods Manufactured and
Sold
At December 31,2016, the end of its fiscal year, Kelly Metal
Products Corporation collected the following data for 2016
| Materials inventory, January 1 | $128,000 |
| Materials inventory, December 31 | 88,000 |
| Work in process inventory, January 1 | 136,000 |
| Work in process inventory, December 31 | 180,000 |
| Finished goods inventory, January 1 | 84,000 |
| Finished goods inventory, December 31 | 72,000 |
| Net delivered cost of materials purchased | 840,000 |
| Direct labor | 540,000 |
| Indirect material | 52,000 |
| Indirect labor | 100,000 |
| Factory supplies used | 48,000 |
| Factory depreciation | 312,000 |
| Factory repairs and maintenance | 112,000 |
| Selling expenses (total) | 252,000 |
| Non-factory administrative expenses (total) | 228,000 |
Prepare a schedule of cost of goods manufactured and sold for Kelly Metal Products Corporation for the year ended December 31,2016, assuming that there were no other manufacturing overhead items than those listed above.
Do not use negative signs with any of your answers.
| Direct material: | |||||
|
Beginning materials inventory:
|
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Pre-determined manufacturing overhead rate = Total estimated
manufacturing overheads / Estimated direct labor hours = = $3600/12
hours = $300 per direct labor hour
Step 2:
Cost Sheet
Job # 1
Direct materials $
Table top
2000
Legs ($650 x 4)
2600
Drawer
0
4600
Direct labor cost @ $20 per hour
(3x2x$30)
180
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Cost of goods manufactured = Total manufacturing costs +
Beginning finished goods inventory – Ending finished goods
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Cost of goods manufactured = Total manufacturing costs +
Beginning work in process inventory – Ending work in process
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Ending
Balance
Beginning Balance
Materials
Inventory
$197,000
$
211,000
Work in Process
Inventory
59,000
78,000
Finished Goods
Inventory
91,000
82,000
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50%...
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Company:
Costs incurred:
Advertising expense ...........................$100,000
Direct labour cost ..................................$80,000
Purchases of raw materials ................$137,000
Rent, factory building ............................$80,000
Indirect labour
.......................................$56,300
Sales commissions................................$35,000
Utilities, factory
........................................$9,000
Maintenance, factory equipment ...........$24,000
Supplies, factory ........................................
$700
Depreciation, office equipment.................$8,000
Depreciation, factory equipment ............$40,000
Beginning
End
of...
Schedule of cost of goods manufactured
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$210,000
Administrative rent (non-factory)
105,000
Advertising and promotion expense
123,000
Depreciation-administrative
66,000
Depreciation-factory
90,000
Depreciation-selling
51,000
Direct labor
525,000
Factory rent
54,000
Factory supplies used
36,000
Finished goods inventory (January 1)
171,000
Finished goods inventory (December 31)
156,000
Indirect material used
42,000
Indirect labor
57,000
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39,000
Materials inventory (December 31)
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Raw Materials Inventory
Begin. Inv.
12,500
Purchases
55,000
Avail. for use
67,500
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49,000
End. Inv.
18,500
Work in Process Inventory
Begin. Inv.
17,400
DM used
49,000
Direct labor
31,700
Overhead
61,000
Avail. for mfg.
159,100
Cost of goods mfg
146,300
End. Inv.
12,800
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21,400
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For the Month Ended December 31, 2017December 31, 2017For the Year
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$213,900
Direct materials
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Administrative salaries
(non-factory)…………………………………………………………………………………………$70,000
Administrative rent
(non-factory)…………………………………………………………………………………………….35,000
Advertising and promotion
expense………………………………………………………………………………………..41,000
Depreciation-administrative……………………………………………………………………………………………………22,000
Depreciation-factory……………………………………………………………………………………………………………..30,000
Depreciation-selling………………………………………………………………………………………………………………17,000
Direct
labor…………………………………………………………………………………………………………………………..175,000
Factory
rent…………………………………………………………………………………………………………………………18,000
Factory supplies
used………………………………………………………………………………………………………….12,000
Finished goods inventory (January
1)………………………………………………………………………………….57,000
Finished goods Inventory (December
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Indirect materials
used………………………………………………………………………………………………………14,000
Indirect
labor………………………………………………………………………………………………………………………19,000
Materials inventory (January
1)………………………………………………………………………………………….15,000
Materials inventory (December
31)……………………………………………………………………………………..20,000
Net delivered cost of materials
purchased…………………………………………………………………………….138,000
Other factory
overhead……………………………………………………………………………………………………………26,000
Sales………………………………………………………………………………………………………………………………………845,000
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