Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72,100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 30,300 Finished goods inventory, May 31 34,600
Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72,100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 30,300 Finished goods inventory, May 31 34,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Cost of Goods Sold, Cost of Goods Manufactured
Princeton 3 Company has the following information for May:
| Cost of direct materials used in production | $17,300 |
| Direct labor | 44,700 |
| Factory |
28,800 |
| Work in process inventory, May 1 | 72,100 |
| Work in process inventory, May 31 | 76,400 |
| Finished goods inventory, May 1 | 30,300 |
| Finished goods inventory, May 31 | 34,600 |
Question Content Area
a. For May, using the data given, prepare a statement of Cost of Goods Manufactured.
|
|
$Factory overhead | |
|
|
$Cost of goods manufactured | |
|
|
Direct labor | |
|
|
Factory overhead | |
| Total manufacturing costs incurred during May | fill in the blank 4bdba303aff9f91_9 | |
| Total manufacturing costs | $fill in the blank 4bdba303aff9f91_10 | |
|
|
Less factory overhead | |
| Cost of goods manufactured | $fill in the blank 4bdba303aff9f91_13 | |
b. For May, using the data given, prepare a statement of Cost of Goods Sold.
|
|
$Factory overhead |
|
|
Cost of goods available for sale |
|
|
$Cost of direct materials used in production |
|
|
Less cost of goods manufactured |
| Cost of goods sold |
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