Direct materials Materials available Materials used Factory overhead Cornelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Total factory overhead Total manufacturing costs Total manufacturing costs to account for Cost of goods sold
Direct materials Materials available Materials used Factory overhead Cornelius Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Total factory overhead Total manufacturing costs Total manufacturing costs to account for Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Cornelius Company produces women’s clothing. During the year, the company incurred the following costs:
| Factory rent | $ 380,000 |
|---|---|
| Direct labor | 300,000 |
| Utilities—factory | 38,000 |
| Purchases of direct materials | 555,000 |
| Indirect materials | 66,000 |
| Indirect labor | 60,000 |
Inventories for the year were as follows:
| January 1 | December 31 | |
|---|---|---|
| Materials | $ 25,000 | $ 40,000 |
| Work-in-Process | 45,000 | 40,000 |
| Finished Goods | 135,000 | 75,000 |
Required:
1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold.
Transcribed Image Text:Cost of goods sold
Cost of goods available for sale
Cost of goods sold
Transcribed Image Text:Direct materials
Materials available
Materials used
Factory overhead
Cornelius Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Total factory overhead
Total manufacturing costs
Total manufacturing costs to account for
Cost of goods sold
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