In: Accounting
Cost of Goods Manufactured and Sold
Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year:
Direct labor cost | $493,520 |
Purchases of direct materials | 375,280 |
Freight-in on materials | 7,750 |
Factory supplies used | 17,210 |
Factory utilities | 53,300 |
Commissions paid | 79,606 |
Factory supervision and indirect labor | 165,870 |
Advertising | 144,740 |
Materials handling | 17,960 |
Work-in-process inventory, January 1 | 203,020 |
Work-in-process inventory, December 31 | 118,330 |
Direct materials inventory, January 1 | 39,950 |
Direct materials inventory, December 31 | 34,170 |
Finished goods inventory, January 1 | 58,220 |
Finished goods inventory, December 31 | 61,010 |
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: | ||
$ | ||
Materials available | $ | |
Direct materials used in production | $ | |
Manufacturing overhead: | ||
$ | ||
Total overhead costs | ||
Total manufacturing costs added | $ | |
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 sold | $ |