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In: Accounting

Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories...

Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows:

Inventories March 1 March 31
Materials $207,600 $190,890
Work in process 430,920 504,560
Finished goods 579,510 608,850

Direct labor $3,460,000
Materials purchased during March 2,635,720
Factory overhead incurred during March:
Indirect labor 316,340
Machinery depreciation 207,600
Heat, light, and power 173,000
Supplies 34,500
Property taxes 29,650
Miscellaneous costs 45,180

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Open spreadsheet

  1. Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar

Solutions

Expert Solution

Answer :-

Statement of Cost of Goods Manufactured

For the Month ended 31 March
Materials
Opening Material Inventory $         207,600.00
Add:- Purchase of Material $      2,635,720.00
Less:- Closing Material Inventory $        (190,890.00)
Material Used in Production ( A ) $      2,652,430.00
Direct Labour ( B ) $      3,460,000.00
Factory Overhead ( C )
Indirect labor $       316,340.00
Machinery depreciation $       207,600.00
Heat, light, and power $       173,000.00
Supplies $         34,500.00
Property taxes $         29,650.00
Miscellaneous costs $         45,180.00
Total Manufacturing Cost ( A + B + C ) $      6,918,700.00
Add:- Opening WIP $         430,920.00
Less:- Closing WIP $        (504,560.00)
Cost of Goods Manufactured for the Month $      6,845,060.00
Add:- Opening Finished Goods Inventory $         579,510.00
Less:- Closing Finished Goods Inventory $        (608,850.00)
Cost Of Goods Sold $      6,815,720.00

ekkarill92 answered 2 years ago
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