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Inventories Materials Work in process Finished goods Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies March 1 $223,200 463,300 623,050 Marc $20 54 65 $3,72 2,83 34 3 2 22 18 3

Inventories Materials Work in process Finished goods Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies March 1 $223,200 463,300 623,050 Marc $20 54 65 $3,72 2,83 34 3 2 22 18 3

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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Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories Materials Work in process Finished goods Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs March 1 $223,200 463,300 623,050 March 31 $205,230 542,460 654,590 $3,720,000 2,833,780 340,110 223,200 186,000 37,090 31,880 48,570
Transcribed Image Text:Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories Materials Work in process Finished goods Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs March 1 $223,200 463,300 623,050 March 31 $205,230 542,460 654,590 $3,720,000 2,833,780 340,110 223,200 186,000 37,090 31,880 48,570
a. Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs $ Cost of goods manufactured $ $ Total manufacturing costs incurred during March Total manufacturing costs $ b. Determine the cost of goods sold for March. Round your answer to the nearest dollar.
Transcribed Image Text:a. Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Direct materials: Factory overhead: Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs $ Cost of goods manufactured $ $ Total manufacturing costs incurred during March Total manufacturing costs $ b. Determine the cost of goods sold for March. Round your answer to the nearest dollar.
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