Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April:...

Cost of Goods Sold, Cost of Goods Manufactured

Glenville Company has the following information for April:

Cost of direct materials used in production		$54,000
Direct labor		66,000
Factory overhead		20,000
Work in process inventory, April 1		45,000
Work in process inventory, April 30		50,000
Finished goods inventory, April 1		25,000
Finished goods inventory, April 30		17,000

a. For April, determine the cost of goods manufactured.

Using the data given, prepare a statement of Cost of Goods Manufactured.

Glenville Company
Statement of Cost of Goods Manufactured

Work in process inventory, April 1		$
Cost of direct materials used in production	$
Direct labor
Factory overhead
Total manufacturing costs incurred in April
Total manufacturing costs		$
Work in process inventory, April 30
Cost of goods manufactured		$

b. For April, determine the cost of goods sold.

Using the data given, prepare a statement of Cost of Goods Sold.

Glenville Company
Statement of Cost of Goods Sold

Finished goods inventory, April 1	$
Cost of goods manufactured
Cost of finished goods available for sale	$
Finished goods inventory, April 30
Cost of goods sold	$

Solutions

Expert Solution

a. For April, determine the cost of goods manufactured.

Using the data given, prepare a statement of Cost of Goods Manufactured.

Glenville Company
Statement of Cost of Goods Manufactured

Work in process inventory, April 1		$45000
Cost of direct materials used in production	$54000
Direct labor	66000
Factory overhead	20000
Total manufacturing costs incurred in April		140000
Total manufacturing costs		$185000
Work in process inventory, April 30		-50000
Cost of goods manufactured		$135000

b. For April, determine the cost of goods sold.

Using the data given, prepare a statement of Cost of Goods Sold.

Glenville Company
Statement of Cost of Goods Sold

Finished goods inventory, April 1	$25000
Cost of goods manufactured	135000
Cost of finished goods available for sale	$160000
Finished goods inventory, April 30	-17000
Cost of goods sold	$143000

ekkarill92 answered 1 year ago

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