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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

FINANCIAL ACCOUNTING
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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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

Question Content Area

a.  For May, using the data given, prepare a statement of Cost of Goods Manufactured.

Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank
 
   $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.

Princeton 3 CompanyStatement of Cost of Goods Soldblank
 
 $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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