Question

In: Accounting

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

Statement of Cost of Goods Manufactured for a Manufacturing Company

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

Inventories January 1 January 31
Materials $196,500 $170,960
Work in process 129,690 112,830
Finished goods 102,180 116,250
Direct labor $353,700
Materials purchased during January 377,280
Factory overhead incurred during January:
Indirect labor 37,730
Machinery depreciation 22,790
Heat, light, and power 7,860
Supplies 6,290
Property taxes 5,500
Miscellaneous costs 10,220

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

Disksan Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended January 31
Work in process inventory, January 1 $
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.
$

Solutions

Expert Solution

Cost of goods Manufactured:
Beginning inventory of Wip 129690
Current cost of production
Beginning inventory of RM 196500
Add: Purchase 377280
Total RM available 573780
Less: Ending inventory of RM 170960
Direct material used 402820
Direct Labour cost 353700
Factory overheads
Indirect Labour 37730
Machinery depreciation 22790
Heat light and Power 7860
Supplies 6290
Property taxes 5500
Misc. cost 10220
Total factory overheads 90390
Total Current Manufacturing cost 846910
Total cost of WIP 976600
Less: Ending inventory of WIP 112830
Cost of goods Manufactured: 863770
Cost of ggoods sold:
Beginning Inventory of FG 102180
Add: Cost of goods manufcatured 863770
Total cost of goods available for sale 965950
Less: Ending inventory of FG 116250
Cost of ggoods sold: 849700

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