### Manufacturing Cost Analysis for the Year#### Inventories| **Inventories** | **January 1** | **December 31** ||--------------------------------------|---------------|-----------------|| **Materials** | $335,730 | $416,310 || **Work in process** | $604,310 | $566,180 || **Finished goods** | $580,810 | $578,670 |#### Expenses| **Expense Type** | **Amount** ||-------------------------------------------------------|---------------|| **Advertising expense** | $282,670 || **Depreciation expense - office equipment** | $39,970 || **Depreciation expense - factory equipment** | $53,700 || **Direct labor** | $641,120 || **Heat, light, and power - factory** | $21,230 || **Indirect labor** | $74,940 || **Materials purchased** | $628,630 || **Office salaries expense** | $219,400 || **Property taxes - factory** | $17,490 || **Property taxes - headquarters building** | $36,220 || **Rent expense - factory** | $29,560 || **Sales** | $2,943,310 || **Sales salaries expense** | $361,360 || **Supplies - factory** | $14,570 || **Miscellaneous costs - factory** | $9,160 |### Required Task:1. **Prepare the statement of cost of goods manufactured.**This data is provided for use in an educational setting to facilitate learning about cost accounting and manufacturing processes. The inventories and various expenses listed are essential for preparing the cost of goods manufactured statement, which is crucial for understanding the total production cost during a specific period.

Cost of goods sold was associated with cost of manufacturing an product which includes materials,…

Inventories Materials Work in process Finished goods Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory January 1 December 31 $335,730 $416,310 604,310 566,180 580,810 578,670 $282,670 39.970 53,700 641,120 21,230 74,940 628,630 219,400 17,490 36,220 29,560 2,943,310 361,360 14,570 9,160 Required: 1. Prepare the statement of cost of goods manufactured.

Inventories Materials Work in process Finished goods Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory January 1 December 31 $335,730 $416,310 604,310 566,180 580,810 578,670 $282,670 39.970 53,700 641,120 21,230 74,940 628,630 219,400 17,490 36,220 29,560 2,943,310 361,360 14,570 9,160 Required: 1. Prepare the statement of cost of goods manufactured.

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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Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
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Balances: Beginning Ending Direct materials 13,5007 300 Work in process inventory 0 3,400 Finished goods inventory 0 5,100 Other information: Direct materials purchase 36,000 Plant expenses 19,000 Sales salaries 6,200 Delivery of items sold 1,100 Net sales revenue 108,500 Customer hotline costs 4,800 Direct labor 24,000 Create a Schedule of Cost of Good Manufactured. Create an Income Statement.