Question

In: Accounting

Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information...

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 $

Solutions

Expert Solution

Hi

Let me know in case you face any issue:


Related Solutions

Cost of Goods Sold, Cost of Goods Manufactured Gauntlet Company has the following information for January:...
Cost of Goods Sold, Cost of Goods Manufactured Gauntlet Company has the following information for January: Cost of direct materials used in production $ 37,000 Direct labor 46,000 Factory overhead 20,000 Work in process inventory, January 1 22,000 Work in process inventory, January 31 30,000 Finished goods inventory, January 1 24,000 Finished goods inventory, January 31 18,000 a. For January, determine the cost of goods manufactured. $ b. For January, determine the cost of goods sold. $
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...
DEF Manufacturing Company presented the following data: Cost of goods manufactured and cost of goods sold...
DEF Manufacturing Company presented the following data: Cost of goods manufactured and cost of goods sold were P375,000 and P300,000, respectively. Purchases of raw materials amounted to twice as much as the net income before tax. Gross margin based on sales was 40%. There were no purchase returns but the sales returns amounted to P10,000. Inventory valuations were as follows: Raw materials on hand at the end of the period was 1/3 as much as much as at start. Work...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $427,050 $533,810 Work in process 768,690 725,980 Finished goods 738,800 742,000 Advertising expense $362,460 Depreciation expense-office equipment 51,250 Depreciation expense-factory equipment 68,860 Direct labor 822,070 Heat, light, and power-factory 27,220 Indirect labor 96,090 Materials purchased 806,050 Office salaries expense 281,320 Property taxes-factory 22,420 Property taxes-headquarters building 46,440 Rent expense-factory 37,900 Sales...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: InventoriesJanuary 1December 31 Materials$459,660 $569,980 Work in process827,390 775,170 Finished goods795,210 792,270 Advertising expense$387,020 Depreciation expense-office equipment54,720 Depreciation expense-factory equipment73,530 Direct labor877,770 Heat, light, and power-factory29,070 Indirect labor102,600 Materials purchased860,670 Office salaries expense300,380 Property taxes-factory23,940 Property taxes-headquarters building49,590 Rent expense-factory40,470 Sales4,029,760 Sales salaries expense494,740 Supplies-factory19,950 Miscellaneous costs-factory12,540 Required: 1. Prepare the 20Y6 statement of cost of goods...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $330,810 $410,200 Work in process 595,460 557,870 Finished goods 572,300 570,180 Advertising expense $278,530 Depreciation expense-office equipment 39,380 Depreciation expense-factory equipment 52,920 Direct labor 631,710 Heat, light, and power-factory 20,920 Indirect labor 73,840 Materials purchased 619,400 Office salaries expense 216,180 Property taxes-factory 17,230 Property taxes-headquarters building 35,690 Rent expense-factory 29,120 Sales...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $346,490 $436,580 Work in process 623,680 593,750 Finished goods 599,430 606,850 Advertising expense $296,440 Depreciation expense-office equipment 41,910 Depreciation expense-factory equipment 56,320 Direct labor 672,330 Heat, light, and power-factory 22,270 Indirect labor 78,580 Materials purchased 659,240 Office salaries expense 230,080 Property taxes-factory 18,340 Property taxes-headquarters building 37,980 Rent expense-factory 31,000 Sales...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $373,870 $471,080 Work in process 672,970 640,670 Finished goods 646,800 654,800 Advertising expense $319,860 Depreciation expense-office equipment 45,220 Depreciation expense-factory equipment 60,770 Direct labor 725,460 Heat, light, and power-factory 24,030 Indirect labor 84,790 Materials purchased 711,330 Office salaries expense 248,260 Property taxes-factory 19,790 Property taxes-headquarters building 40,980 Rent expense-factory 33,450 Sales...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $443,170 $553,960 Work in process 797,710 753,390 Finished goods 766,680 770,000 Advertising expense $376,140 Depreciation expense-office equipment 53,180 Depreciation expense-factory equipment 71,460 Direct labor 853,100 Heat, light, and power-factory 28,250 Indirect labor 99,710 Materials purchased 836,480 Office salaries expense 291,940 Property taxes-factory 23,270 Property taxes-headquarters building 48,190 Rent expense-factory 39,330 Sales...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $441,510 $551,890 Work in process 794,720 750,570 Finished goods 763,810 767,130 Advertising expense $374,730 Depreciation expense-office equipment 52,980 Depreciation expense-factory equipment 71,190 Direct labor 849,910 Heat, light, and power-factory 28,150 Indirect labor 99,340 Materials purchased 833,350 Office salaries expense 290,850 Property taxes-factory 23,180 Property taxes-headquarters building 48,010 Rent expense-factory 39,180 Sales...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT