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In our assignments should we use a table as shown in solutions or we can just simply write as an equation?  Secondly, what will be statement of cost of goods manufactured?

In our assignments should we use a table as shown in solutions or we can just simply write as an equation?  Secondly, what will be statement of cost of goods manufactured?

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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Hi, In our assignments should we use a table as shown in solutions or we can just simply write as an equation?  Secondly, what will be statement of cost of goods manufactured?

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In professor's notes, i noticed he added factory overhead cost. Please find the solution i posted actually. 

Solution #31 WIP, January 1, 2018 Direct materials: Tippy Cup Co Statement of cost of goods manufactured For the year ended December 31, 2018 Material inventory, January 1,2018 Purchases $15000 $18750 Cost of material available for use $ 33750 Less material inventory, december 31, 2018 $13900 Cost of direct material used Direct labor Factory overhead Total manufacturing costs incurred Total manufacturing costs Less WIP inventory, December 31, 2018 Cost of goods manufactured $19850 $2575 $10550 $98750 $32975 $131725 $92350 $39375
Transcribed Image Text:Solution #31 WIP, January 1, 2018 Direct materials: Tippy Cup Co Statement of cost of goods manufactured For the year ended December 31, 2018 Material inventory, January 1,2018 Purchases $15000 $18750 Cost of material available for use $ 33750 Less material inventory, december 31, 2018 $13900 Cost of direct material used Direct labor Factory overhead Total manufacturing costs incurred Total manufacturing costs Less WIP inventory, December 31, 2018 Cost of goods manufactured $19850 $2575 $10550 $98750 $32975 $131725 $92350 $39375
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