Question

In: Accounting

Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the...

Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:

Direct labor cost	$494,140
Purchases of direct materials	378,090
Freight-in on materials	7,360
Factory supplies used	18,320
Factory utilities	54,930
Commissions paid	78,322
Factory supervision and indirect labor	162,420
Advertising	146,890
Materials handling	15,960
Work-in-process inventory, January 1	204,880
Work-in-process inventory, December 31	118,460
Direct materials inventory, January 1	39,100
Direct materials inventory, December 31	35,400
Finished goods inventory, January 1	61,330
Finished goods inventory, December 31	61,790

Required:

1. Prepare a cost of goods manufactured statement.

Anglin Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Direct materials:
Beginning inventory	$
Add: Purchases
Add: Freight-in on materials
Materials available	$
Less: Ending inventory
Direct materials used in production		$
Direct labor
Manufacturing overhead:
Factory supplies	$
Factory utilities
Factory supervision and indirect labor
Materials handling
Total overhead costs
Total manufacturing costs added		$
Add: Beginning work in process
Less: Ending work in process
Cost of goods manufactured		$

2. Prepare a cost of goods sold statement.

Anglin Company
Statement of Cost of Goods Sold
For the Year Ended December 31
Cost of goods manufactured	$
Add: Beginning finished goods inventory
Cost of goods available for sale	$
Less: Ending finished goods inventory
Cost of goods sold	$

Solutions

Expert Solution

Cost of goods manufactured

Direct material

Beginning inventory $39100

Add: purchases $378090

Freight in 7360

Available =$424,550

Less: ending inventory =$118460

Direct material used in production =$306,090

Direct labor =$494,140

Overheads:

Factory supplies =$18,320

Factory utilities =$54,930

Factory supervision and indirect labor =$162,420

Material handling =$15960

Total overhead costs =$251,630

Total manufacturing costs =$1,051,860

Add: beginning work in process inventory =$204,880

Less: ending work in process inventory =$118460

Cost of goods manufactured =$1,138,280

Cost of goods sold:

Cost of goods manufactured =1,138,280

Add: beginning finished goods inventory =$61330

Cost of goods available =$1,199,610

Less: ending finished goods inventory =$61790

Cost of goods sold =$1,137,820

ekkarill92 answered 1 year ago

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