In: Finance
Information from the records of the Bridgeview Manufacturing Company for August 2017 follows:
Sales | $314,000 |
Selling and administrative expenses | 127,500 |
Purchases of raw materials | 44,000 |
Direct labor | 30,000 |
Manufacturing overhead |
54,500 |
Inventories | |||
---|---|---|---|
August 1 | August 31 | ||
Raw materials | $ 7,000 | $ 5,000 | |
Work-in-process | 13,000 | 11,000 | |
Finished goods | 15,000 | 18,000 |
Prepare a statement of cost of goods manufactured and an
income statement for August 2017.
Do not use negative signs with any of your answers
below.
Bridgeview Manufacturing Company | |||
---|---|---|---|
Statement of Cost of Goods Manufactured | |||
For the Month Ending August 31, 2017 | |||
Current manufacturing costs: | |||
Cost of materials placed in production: | |||
Raw materials, 8/1/17 | $______ | ||
Purchases | _______ | ||
Total available | ________ | ||
Raw materials, 8/31/17 | ________ | $______ | |
Direct labor | _________ | ||
Manufacturing overhead | ________ | $_____ | |
Work-in-process, 8/1/17 | ______ | ||
Total costs in process | _______ | ||
Work-in-process, 8/31/17 | _______ | ||
Cost of goods manufactured | $_______ |
Bridgeview Manufacturing Company | |||
Statement of Cost of Goods Manufactured | |||
For the Month Ending August 31, 2017 | |||
Amount | Amount | Amount | |
Current manufacturing costs: | |||
Cost of materials placed in production: | |||
Raw materials, 8/1/17 | $ 7,000 | ||
Add: Purchases | $ 44,000 | ||
Total Available | $ 51,000 | ||
Raw materials, 8/31/17 | $ 5,000 | $ 46,000 | |
Direct Labour | $ 30,000 | ||
Manufacturiniig Overhead | $ 54,500 | $ 1,30,500 | |
Work-in-process, 8/1/17 | $ 13,000 | ||
Total costs in process | $ 1,43,500 | ||
Work-in-process, 8/31/17 | $ 11,000 | ||
Cost of goods manufactured | $ 1,32,500 | ||