Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:
| Inventories | January 1 | January 31 | ||
| Materials | $217,500 | $195,750 | ||
| Work in process | 143,550 | 129,200 | ||
| Finished goods | 110,930 | 133,110 | ||
| Direct labor | $391,500 | |
| Materials purchased during January | 417,600 | |
| Factory overhead incurred during January: | ||
| Indirect labor | 41,760 | |
| Machinery depreciation | 25,230 | |
| Heat, light, and power | 8,700 | |
| Supplies | 6,960 | |
| Property taxes | 6,090 | |
| Miscellaneous costs | 11,310 | |
a. Prepare a cost of goods manufactured statement for January.
| Disksan Manufacturing Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended January 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Factory overhead: | |||
| $ | |||
| Total factory overhead | |||
| Total manufacturing costs incurred during January | |||
| Total manufacturing costs | $ | ||
| Cost of goods manufactured | $ | ||
b. Determine the cost of goods sold for
January.
$
In: Accounting
Consider a firm that daily rents machinery for the cost of $1000 and employs workers at the cost of $100 for a full day of work. The following table describes the production function of the firm. Fill the table such that you can make some production decisions for this firm.
Units of Labor | Units of Production | Fixed Costs | Variable Costs | Total Costs | Average Variable Costs | Average Total Costs | Marginal Cost |
1 | 11.00 | ||||||
2 | 16.24 | ||||||
3 | 19.89 | ||||||
4 | 22.48 | ||||||
5 | 24.48 | ||||||
6 | 26.13 | ||||||
7 | 27.51 | ||||||
8 | 28.71 | ||||||
9 | 29.78 | ||||||
10 | 30.72 | ||||||
11 | 31.58 | ||||||
12 | 32.36 | ||||||
13 | 33.08 | ||||||
14 | 33.75 | ||||||
15 | 34.37 |
1. What is the average variable cost of production when 10 units of labor are employed?
2. What is the average total cost of production when 10 units of labor are employed?
3. What is the marginal cost of production when 10 units of labor are employed?
In: Economics
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:
| Inventories | January 1 | January 31 | ||
| Materials | $233,750 | $203,360 | ||
| Work in process | 154,280 | 134,220 | ||
| Finished goods | 121,550 | 138,280 | ||
| Direct labor | $420,750 | |
| Materials purchased during January | 448,800 | |
| Factory overhead incurred during January: | ||
| Indirect labor | 44,880 | |
| Machinery depreciation | 27,120 | |
| Heat, light, and power | 9,350 | |
| Supplies | 7,480 | |
| Property taxes | 6,550 | |
| Miscellaneous costs | 12,160 | |
a. Prepare a cost of goods manufactured statement for January.
| Sandusky Manufacturing Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended January 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Factory overhead: | |||
| $ | |||
| Total factory overhead | |||
| Total manufacturing costs incurred during January | |||
| Total manufacturing costs | $ | ||
| Cost of goods manufactured | $ | ||
b. Determine the cost of goods sold for
January.
$
In: Accounting
|
Units |
Percentage Complete |
Cost |
|
|
Beginning WIP Inventory - August |
22,000 |
||
|
Direct Materials |
75% |
$ 4,200 |
|
|
Conversion Cost |
70% |
$ 2,450 |
|
|
Units Started in August |
12,000 |
||
|
Costs incurred in August |
|||
|
Direct Materials |
$ 17,000 |
||
|
Conversion Cost |
$ 16,800 |
||
|
Ending WIP Inventory |
6,000 |
||
|
Direct Materials |
80% |
||
|
Conversion Cost |
60% |
||
|
Use weighted-average process costing to compute equivalent units & prepare a PRODUCTION COST REPORT Using the format below |
|||
|
% Completed |
Equivalent Units |
||||
|
Flow of Units |
Physical Units |
DM |
Conv |
DM |
Conv |
|
Units to Account for |
|||||
|
Beginning WIP |
|||||
|
Units Started |
1200 |
||||
|
Total Units to Account for |
|||||
|
Units Accounted For |
|||||
|
Completed & TO |
|||||
|
Ending WIP |
|||||
|
Equivalent Units |
|||||
|
Flow of Costs |
|||||
|
Costs to be accounted for |
|||||
|
Costs in Beginning WIP |
|||||
|
Current Period Costs |
|||||
|
Total Costs to be Accounted for |
|||||
|
Equivalent Units |
|||||
|
Costs per EU |
|||||
|
Cost Accounted For: |
|||||
|
Units Transferred Out |
|||||
|
Ending WIP |
|||||
|
Total Costs Accounted For |
|||||
In: Accounting
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:
| Inventories | January 1 | January 31 | ||
| Materials | $196,500 | $170,960 | ||
| Work in process | 129,690 | 112,830 | ||
| Finished goods | 102,180 | 116,250 | ||
| Direct labor | $353,700 | |
| Materials purchased during January | 377,280 | |
| Factory overhead incurred during January: | ||
| Indirect labor | 37,730 | |
| Machinery depreciation | 22,790 | |
| Heat, light, and power | 7,860 | |
| Supplies | 6,290 | |
| Property taxes | 5,500 | |
| Miscellaneous costs | 10,220 | |
a. Prepare a cost of goods manufactured statement for January.
| Disksan Manufacturing Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended January 31 | |||
| Work in process inventory, January 1 | $ | ||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Factory overhead: | |||
| $ | |||
| Total factory overhead | |||
| Total manufacturing costs incurred during January | |||
| Total manufacturing costs | $ | ||
| Cost of goods manufactured | $ | ||
b. Determine the cost of goods sold for
January.
$
In: Accounting
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:
| Inventories | January 1 | January 31 | ||
| Materials | $167,750 | $147,620 | ||
| Work in process | 115,750 | 101,860 | ||
| Finished goods | 87,230 | 100,380 | ||
| Direct labor | $301,950 | |
| Materials purchased during January | 322,080 | |
| Factory overhead incurred during January: | ||
| Indirect labor | 32,210 | |
| Machinery depreciation | 19,460 | |
| Heat, light, and power | 6,710 | |
| Supplies | 5,370 | |
| Property taxes | 4,700 | |
| Miscellaneous costs | 8,720 | |
a. Prepare a cost of goods manufactured statement for January.
| Disksan Manufacturing Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended January 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Factory overhead: | |||
| $ | |||
| Total factory overhead | |||
| Total manufacturing costs incurred during January | |||
| Total manufacturing costs | $ | ||
| Cost of goods manufactured | $ | ||
b. Determine the cost of goods sold for
January.
$
In: Accounting
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:
| Inventories | January 1 | January 31 | ||
| Materials | $150,250 | $127,710 | ||
| Work in process | 99,170 | 84,290 | ||
| Finished goods | 76,630 | 85,570 | ||
| Direct labor | $270,450 | |
| Materials purchased during January | 288,480 | |
| Factory overhead incurred during January: | ||
| Indirect labor | 28,850 | |
| Machinery depreciation | 17,430 | |
| Heat, light, and power | 6,010 | |
| Supplies | 4,810 | |
| Property taxes | 4,210 | |
| Miscellaneous costs | 7,810 | |
a. Prepare a cost of goods manufactured statement for January.
| Disksan Manufacturing Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended January 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Factory overhead: | |||
| $ | |||
| Total factory overhead | |||
| Total manufacturing costs incurred during January | |||
| Total manufacturing costs | $ | ||
| Cost of goods manufactured | $ | ||
b. Determine the cost of goods sold for
January.
$
In: Accounting
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:
| Inventories | January 1 | January 31 | ||
| Materials | $153,250 | $134,860 | ||
| Work in process | 101,150 | 89,010 | ||
| Finished goods | 78,160 | 91,700 | ||
| Direct labor | $275,850 | |
| Materials purchased during January | 294,240 | |
| Factory overhead incurred during January: | ||
| Indirect labor | 29,420 | |
| Machinery depreciation | 17,780 | |
| Heat, light, and power | 6,130 | |
| Supplies | 4,900 | |
| Property taxes | 4,290 | |
| Miscellaneous costs | 7,970 | |
a. Prepare a cost of goods manufactured statement for January.
| Disksan Manufacturing Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended January 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Factory overhead: | |||
| $ | |||
| Total factory overhead | |||
| Total manufacturing costs incurred during January | |||
| Total manufacturing costs | $ | ||
| Cost of goods manufactured | $ | ||
b. Determine the cost of goods sold for
January.
$
In: Accounting
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:
| Inventories | January 1 | January 31 | ||
| Materials | $208,750 | $187,880 | ||
| Work in process | 139,860 | 125,880 | ||
| Finished goods | 108,550 | 127,760 | ||
| Direct labor | $375,750 | |
| Materials purchased during January | 400,800 | |
| Factory overhead incurred during January: | ||
| Indirect labor | 40,080 | |
| Machinery depreciation | 24,220 | |
| Heat, light, and power | 8,350 | |
| Supplies | 6,680 | |
| Property taxes | 5,850 | |
| Miscellaneous costs | 10,860 | |
a. Prepare a cost of goods manufactured statement for January.
| Sandusky Manufacturing Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended January 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Factory overhead: | |||
| $ | |||
| Total factory overhead | |||
| Total manufacturing costs incurred during January | |||
| Total manufacturing costs | $ | ||
| Cost of goods manufactured | $ | ||
b. Determine the cost of goods sold for
January.
$
Check My Work
In: Accounting
4.
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:
| Inventories | January 1 | January 31 | ||
| Materials | $172,000 | $154,800 | ||
| Work in process | 115,240 | 103,720 | ||
| Finished goods | 89,440 | 103,720 | ||
| Direct labor | $309,600 | |
| Materials purchased during January | 330,240 | |
| Factory overhead incurred during January: | ||
| Indirect labor | 33,020 | |
| Machinery depreciation | 19,950 | |
| Heat, light, and power | 6,880 | |
| Supplies | 5,500 | |
| Property taxes | 4,820 | |
| Miscellaneous costs | 8,940 | |
a. Prepare a cost of goods manufactured statement for January.
| Disksan Manufacturing Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended January 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Factory overhead: | |||
| $ | |||
| Total factory overhead | |||
| Total manufacturing costs incurred during January | |||
| Total manufacturing costs | $ | ||
| Cost of goods manufactured | $ | ||
b. Determine the cost of goods sold for
January.
$
In: Accounting