Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows:InventoriesJanuary 1January 31Materials$310,000$276,600Work in process215,200238,400Finished goods162,800190,100 January 31Direct labor$565,000Materials purchased during January604,800Factory overhead incurred during January: Indirect labor60,440 Machinery depreciation35,000 Heat, light, and power13,600 Supplies8,540 Property taxes8,860 Miscellaneous costs16,400 Required:A.Prepare a cost of goods manufactured statement for January. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.B.Determine the cost of goods sold for January.

Formula: Cost of goods sold = Beginning finished goods inventory + cost of goods manufactured - Ending finished goods inventory. Deduction of ending finished goods inventory from Cost of goods manufactured and beginning finished goods inventory.A ) Cost of goods manufactured: B ) cost of goods sold for January:

Answered: Cost data for Disksan Manufacturing…

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 data for Disksan Manufacturing Company for the month ended January 31 are as follows:

Inventories	January 1	January 31
Materials	$310,000	$276,600
Work in process	215,200	238,400
Finished goods	162,800	190,100

	January 31
Direct labor	$565,000
Materials purchased during January	604,800
Factory overhead incurred during January:
Indirect labor	60,440
Machinery depreciation	35,000
Heat, light, and power	13,600
Supplies	8,540
Property taxes	8,860
Miscellaneous costs	16,400

	Required:
A.	Prepare a cost of goods manufactured statement for January. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers. Be sure to complete the statement heading.
B.	Determine the cost of goods sold for January.

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