Cost of Goods Manufactured and Cost of Goods Sold For each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold: ABCSelling expenses$860$1,160$960Factory insurance260245140Ending finished goods inventory810750515Non-factory administrative expenses250450350Direct labor2,9203,1202,480Beginning materials inventory8801,030710Beginning work in process inventory1,1208401,070Indirect materials used390420230Factory utilities600635510Factory depreciation730760380Ending work in process inventory1,360790950Ending materials inventory440710410Indirect labor425280160Beginning finished goods inventory850725480Factory repairs and maintenance215230175Net delivered cost of materials purchased3,1404,4102,870Factory supplies used330310210 ABCDirect materials usedAnswerAnswerAnswerDirect laborAnswerAnswerAnswerTotal manufacturing overheadAnswerAnswerAnswerTotal manufacturing costsAnswerAnswerAnswerCost of goods manufacturedAnswerAnswerAnswerCost of goods soldAnswerAnswerAnswer PreviousSave AnswersNext

The cost of goods sold is the cost of producing those goods which have been sold during an…

Answered: For each of the following unrelated…

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 Manufactured and Cost of Goods Sold

For each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold:

	A	B	C
Selling expenses	$860	$1,160	$960
Factory insurance	260	245	140
Ending finished goods inventory	810	750	515
Non-factory administrative expenses	250	450	350
Direct labor	2,920	3,120	2,480
Beginning materials inventory	880	1,030	710
Beginning work in process inventory	1,120	840	1,070
Indirect materials used	390	420	230
Factory utilities	600	635	510
Factory depreciation	730	760	380
Ending work in process inventory	1,360	790	950
Ending materials inventory	440	710	410
Indirect labor	425	280	160
Beginning finished goods inventory	850	725	480
Factory repairs and maintenance	215	230	175
Net delivered cost of materials purchased	3,140	4,410	2,870
Factory supplies used	330	310	210

	A	B	C
Direct materials used	Answer	Answer	Answer
Direct labor	Answer	Answer	Answer
Total manufacturing overhead	Answer	Answer	Answer
Total manufacturing costs	Answer	Answer	Answer
Cost of goods manufactured	Answer	Answer	Answer
Cost of goods sold	Answer	Answer	Answer

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