Cost of Goods Sold, Cost of Goods ManufacturedPrinceton 3 Company has the following information for May:Cost of direct materials used in production$54,000Direct labor59,000Factory overhead36,000Work in process inventory, May 147,000Work in process inventory, May 3137,240Finished goods inventory, May 122,000Finished goods inventory, May 3117,000 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured.Princeton 3 CompanyStatement of Cost of Goods ManufacturedWork in process inventory, May 1 vCost of direct materials used in production /54,000Direct labor59,000Factory overhead36,000Total manufacturing costs incurred during May149,000Total manufacturing costs47,000 XLess work in process inventory, May 31 v-37,240Cost of goods manufactured158,760

cost of goods manufactured=Total manufacturing costs+Beginning WIP-Ending WIP

Answered: Princeton 3 Company has the following…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Cost of Goods Sold, Cost of Goods Manufactured

Princeton 3 Company has the following information for May:

Cost of direct materials used in production	$54,000
Direct labor	59,000
Factory overhead	36,000
Work in process inventory, May 1	47,000
Work in process inventory, May 31	37,240
Finished goods inventory, May 1	22,000
Finished goods inventory, May 31	17,000

a. For May, using the data given, prepare a statement of Cost of Goods Manufactured.
Princeton 3 Company
Statement of Cost of Goods Manufactured
Work in process inventory, May 1 v
Cost of direct materials used in production /
54,000
Direct labor
59,000
Factory overhead
36,000
Total manufacturing costs incurred during May
149,000
Total manufacturing costs
47,000 X
Less work in process inventory, May 31 v
-37,240
Cost of goods manufactured
158,760

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