Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. This is PDI's second period of operations. You'll need to use information from Period 1 above to complete the charts for Period 2. During the period, PDI purchased 800 pounds of Iron Ore. At the end of the period, they transferred 1,000 pounds of Iron Ore to WIP. They used 150 hours of direct labor and incurred $12,400 of Factory Overhead. PDI ended the period with $4,850 in WIP and 210 skillets in Finished Goods. Prepare the Schedule of Cost of Goods Sold for PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Cost of Goods Sold Account Dollar Amount Finished Goods Beginning Inventory 3,150 Cost of Goods Manufactured Cost of Goods Available for Sale Finished Goods Ending Inventory Cost of Goods Sold
Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour.
This is PDI's second period of operations. You'll need to use information from Period 1 above to complete the charts for Period 2.
During the period, PDI purchased 800 pounds of Iron Ore. At the end of the period, they transferred 1,000 pounds of Iron Ore to WIP. They used 150 hours of direct labor and incurred $12,400 of Factory
PDI ended the period with $4,850 in WIP and 210 skillets in Finished Goods.
Prepare the Schedule of Cost of Goods Sold for PDI.
Do not use dollar signs. Use whole numbers only (no decimal places)
PDI Schedule of Cost of Goods Sold
| Account | Dollar Amount |
|---|---|
| Finished Goods Beginning Inventory | 3,150 |
| Cost of Goods Manufactured | |
| Cost of Goods Available for Sale | |
| Finished Goods Ending Inventory | |
| Cost of Goods Sold |
|
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