## Cost of Goods Manufactured for a Manufacturing Company### Overview:The following information is available for Ethtridge Manufacturing Company for the month ending July 31:- **Cost of direct materials used in production**: $105,600- **Direct labor**: $126,700- **Work in process inventory, July 1**: $47,500- **Work in process inventory, July 31**: $64,400- **Total factory overhead**: $58,100### Objective:Determine Ethtridge's cost of goods manufactured for the month ended July 31. Below is the structured worksheet used for calculations:### Worksheet:#### Ethtridge Manufacturing Company**Statement of Cost of Goods Manufactured** **For the Month Ended July 31**1. **Beginning Work in Process Inventory**: $ \_\_\_\_\_\_\_\_\_\_ $ $47,5002. **Add Manufacturing Costs Incurred During July**: - **Direct Materials Used**: $ \_\_\_\_\_\_\_\_\_\_ $ $105,600 - **Direct Labor**: $ \_\_\_\_\_\_\_\_\_\_ $ $126,700 - **Factory Overhead**: $ \_\_\_\_\_\_\_\_\_\_ $ $58,1003. **Total Manufacturing Costs Incurred**: $ \_\_\_\_\_\_\_\_\_\_ $ $290,4004. **Total Manufacturing Costs** $ (Beginning Work in Process + Total Manufacturing Costs Incurred) $: $ \_\_\_\_\_\_\_\_\_\_ $ $337,9005. **Less Ending Work in Process Inventory**: $ \_\_\_\_\_\_\_\_\_\_ $ $64,4006. **Cost of Goods Manufactured**: $ \_\_\_\_\_\_\_\_\_\_ $ $273,500This worksheet helps illustrate the steps involved in calculating the cost of goods manufactured, showing the inclusion of direct materials, direct labor, and factory overhead in addition to adjustments for work in process inventories at the beginning and end of the period.

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Description: ## Cost of Goods Manufactured for a Manufacturing Company### Overview:The following information is available for Ethtridge Manufacturing Company for the month ending July 31:- **Cost of direct materials used in production**: $105,600- **Direct labor

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Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $105,600 Direct labor 126,700 Work in process inventory, July 1 Work in process inventory, July 31 Total factory overhead Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended July 31 Add manufacturing costs incurred during July: Total manufacturing costs incurred Total manufacturing costs 47,500 64,400 58,100 Cost of goods manufactured

Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $105,600 Direct labor 126,700 Work in process inventory, July 1 Work in process inventory, July 31 Total factory overhead Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended July 31 Add manufacturing costs incurred during July: Total manufacturing costs incurred Total manufacturing costs 47,500 64,400 58,100 Cost of goods manufactured

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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