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Cost of Goods Sold, Cost of Goods Manufactured Gauntlet Company has the following information for January:...

Cost of Goods Sold, Cost of Goods Manufactured Gauntlet Company has the following information for January: Cost of direct materials used in production $ 37,000 Direct labor 46,000 Factory overhead 20,000 Work in process inventory, January 1 22,000 Work in process inventory, January 31 30,000 Finished goods inventory, January 1 24,000 Finished goods inventory, January 31 18,000 a. For January, determine the cost of goods manufactured. $ b. For January, determine the cost of goods sold. $

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Expert Solution

Part -(a) Work in process inventory, January 1     22,000
      Cost of direct materials used in production        37,000
      Direct labor        46,000
      Factory overhead        20,000
      Total manufacturing costs added 103,000
      Total manufacturing costs 125,000
Less: Work in process inventory, Jan. 31     30,000
Cost of goods manufactured     95,000
Part -(b) Finished goods inventory, January 1     24,000
Cost of goods manufactured     95,000
Cost of finished goods available for sale 119,000
Less: Finished goods inventory, January 31     18,000
Cost of goods sold 101,000

ekkarill92 answered 2 years ago
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