Cost of Goods Manufactured and Cost of Goods SoldFor each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold:ABC$860 $1,160 $960260245 140810750515250450 3502,9203,120 2,4808801,030 7101,120840 1,070390420 230Factory utilities600635 510Factory depreciation730760 380Ending work in process inventory1,360790 950440710 410Ending materials inventoryIndirect labor425280160Beginning finished goods inventory850 725 480Factory repairs and maintenance215230 1754,410 2,870Net delivered cost of materials purchased 3,140Factory supplies used330310 210Selling expensesFactory insuranceEnding finished goods inventoryNon-factory administrative expensesDirect laborBeginning materials inventoryBeginning work in process inventoryIndirect materials usedDirect materials usedDirect laborTotal manufacturing overheadTotal manufacturing costsCost of goods manufacturedCost of goods sold$$$$A3,170 * $2,920 ✔2,980 *9,070 * $8,830 * $9,070 x $B4,440 * $3,120 ✔2,88010,440 * $10,490 * $10,465 * $C3,190 X2,480 ✔1,8057,475 x7,595 *7,560 *

The cost of goods manufactured refers to the total cost that a company incurs for manufacturing the…

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Cost of Goods Manufactured and Cost of Goods Sold For each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Cost of Goods Manufactured and Cost of Goods Sold
For each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold:
A
B
C
$860 $1,160 $960
260
245 140
810
750
515
250
450 350
2,920
3,120 2,480
880
1,030 710
1,120
840 1,070
390
420 230
Factory utilities
600
635 510
Factory depreciation
730
760 380
Ending work in process inventory
1,360
790 950
440
710 410
Ending materials inventory
Indirect labor
425
280
160
Beginning finished goods inventory
850 725 480
Factory repairs and maintenance
215
230 175
4,410 2,870
Net delivered cost of materials purchased 3,140
Factory supplies used
330
310 210
Selling expenses
Factory insurance
Ending finished goods inventory
Non-factory administrative expenses
Direct labor
Beginning materials inventory
Beginning work in process inventory
Indirect materials used
Direct materials used
Direct labor
Total manufacturing overhead
Total manufacturing costs
Cost of goods manufactured
Cost of goods sold
$
$
$
$
A
3,170 * $
2,920 ✔
2,980 *
9,070 * $
8,830 * $
9,070 x $
B
4,440 * $
3,120 ✔
2,880
10,440 * $
10,490 * $
10,465 * $
C
3,190 X
2,480 ✔
1,805
7,475 x
7,595 *
7,560 *

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