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.

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

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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 1 year ago

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