b. For June, determine the cost of goods sold.Using the data given, prepare a statement of Cost of Goods Sold.Woodfall CompanyStatement of Cost of Goods SoldCosts TypeFinished goods inventory, June 1Cost of goods manufacturedCost of finished goods available for saleFinished goods inventory, June 30Cost of goods sold1000001Amount Cost of direct materials used in productionDirect laborFactory overheadWork in process inventory, June 1Work in process inventory, June 30Finished goods inventory, June 1Finished goods inventory, June 30a. For June, determine the cost of goods manufactured.Using the data given, prepare a statement of Cost of Goods Manufactured.Woodfall CompanyStatement of Cost of Goods ManufacturedCosts TypeWork in process inventory, June 1Cost of direct materials used in productionDirect laborFactory overheadTotal manufacturing costs incurred in JuneTotal manufacturing costsWork in process inventory, June 30Cost of goods manufactured✓$260,000340,000182,30070,20074,00033,30044,100✓Amount$Amount260,000 X

Cost of goods manufactured and cost of Goods sold a. Cost of Goods manufactured Woodfall Company Statement of Cost of Goods manufactured Cost Type Amount amount Work In process inventory, June 1 $ 70,200 Cost of Direct material used in the production $ 260,000 Direct labor $ 340,000 factory Overhead $ 182,300 Total manufacturing cost incurred in June $ 782,300 Total manufacturing costs $ 852,500 Less: work In Process inventory, June 30 $ 74,000 Cost of Goods manufactured $ 778,500b. cost of Goods sold Woodfall Company Statement of Cost of Goods manufactured Cost Type Amount Finished goods Inventory, June 1 $ 33,300 Cost of Goods manufactured $ 778,500 Cost of Finished Goods available for sale $ 811,800 Less: Finished Goods inventory, June30 $ 44,100 Cost of Goods sold $ 767,700

Business

Accounting

Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 $260,000 340,000 182,300 70,200 74,000 33,300 44,100 a. For June, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Woodfall Company

Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 $260,000 340,000 182,300 70,200 74,000 33,300 44,100 a. For June, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Woodfall Company

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,039 Direct labor 25,600 Factory overhead 30,572 Work in process inventory, March 1 18,340 Work in process inventory, March 31 20,102 Finished goods inventory, March 1 23,887 Finished goods inventory, March 31 23,750 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2
The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 14,500 $ 18,700 18,200 21,600 11,000 14,850 33,250 25,450 22,000 36,200 Finished goods inventory, ending 18,800 14,900 Work in process inventory, ending 27,780 21,200 Raw materials inventory, ending 6,700 10,000 Factory utilities 13,500 15,250 General and administrative expenses 23,000 59,000 Indirect labor 12,150 12,760 Repairs-Factory equipment 4,820 3,850 Raw materials purchases 37,500 62,000 Cash Selling expenses Sales Accounts receivable, net 53,600 53,800 276,720 376,880 27,000 23,200 15,800 23,450 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both…
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. $ b. Determine the cost of goods sold. $17,517 24,466 32,234 15,678 18,439 24,791 22,979
Required: 1. Prepare a statement of cost of goods manufactured. 2. Prepare a statement of cost of go
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: (Click the icon to view account balances.) (Click the icon to view other information.) Data table Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Print Beginning S 21,000 $ 44,000 14.000 Done Ending 32,000 30,000 23,000 - X ... Data table Other information: Purchases of direct materials Direct labor Manufacturing overhead Print S Done 71,000 84.000 45,000 - X
Prepare a schedule of cost of good manufactured.
Answer
Make a schedule of cost of goods manufactured.
Accounting
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. $17,282 29,395 33,789 16,813 18,863 20,514 25,262
Manufacturing Income Statement, Statement of Cost of Goods Manufactured
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income Required: On Company $66,090 (a) 167,870 177,120 249,160 77,330 (b) 630,500 126,890 107,070 (c) 111,690 116,980 974,170 (d) (e) 126,890 (f) Off Company $83,270 94,100 (a) (b) 187,360 93,260 538,760 630,500 200,680 (c) 533,760 93,260 (d) 832,700 538,760 (e) (f) 184,860 1. Determine the amounts of…