Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company: Administrative salaries (non-factory) $255,000 Administrative rent (non-factory) 141,000 Advertising and promotion expense 279,000 Depreciation-administrative 231,000 Depreciation-factory Depreciation-selling 285,000 108,000 Direct labor 975,000 Factory rent 204,000 Factory supplies used 69,000 Finished goods inventory (January 1) 183,000 Finished goods inventory (December 31) 189,000 Indirect material used 81,000 Indirect labor 132,000 Materials inventory (January 1) 66,000 Materials inventory (December 31) 90,000 Net delivered cost of materials purchased 630,000 Other factory overhead 165,000 Sales 2,814,000 Sales salaries expense 213,000 Work in process inventory (January 1) 99,000 Work in process inventory (December 31) 87,000 Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers.
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company: Administrative salaries (non-factory) $255,000 Administrative rent (non-factory) 141,000 Advertising and promotion expense 279,000 Depreciation-administrative 231,000 Depreciation-factory Depreciation-selling 285,000 108,000 Direct labor 975,000 Factory rent 204,000 Factory supplies used 69,000 Finished goods inventory (January 1) 183,000 Finished goods inventory (December 31) 189,000 Indirect material used 81,000 Indirect labor 132,000 Materials inventory (January 1) 66,000 Materials inventory (December 31) 90,000 Net delivered cost of materials purchased 630,000 Other factory overhead 165,000 Sales 2,814,000 Sales salaries expense 213,000 Work in process inventory (January 1) 99,000 Work in process inventory (December 31) 87,000 Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Schedule of Cost of Goods Manufactured and Sold
The following amounts are available for 2016 for Bishop Manufacturing Company:
Administrative salaries (non-factory)
$255,000
Administrative rent (non-factory)
141,000
Advertising and promotion expense
279,000
Depreciation-administrative
231,000
Depreciation-factory
285,000
Depreciation-selling
108,000
Direct labor
975,000
Factory rent
204,000
Factory supplies used
Finished goods inventory (January 1)
69,000
183,000
Finished goods inventory (December 31)
189,000
Indirect material used
81,000
Indirect labor
132,000
Materials inventory (January 1).
66,000
Materials inventory (December 31)
90,000
Net delivered cost of materials purchased
630,000
Other factory overhead
165,000
2,814,000
Sales
Sales salaries expense
213,000
Work in process inventory (January 1)
99,000
Work in process inventory (December 31)
87,000
Using the above data, prepare a schedule of cost of goods manufactured and sold.
Do not use negative signs with any of your answers.
Bishop Manufacturing Company
Schedule of Cost of Goods Manufactured and Sold
For the Year Ended December 31,2016
Direct material:.
$1
Beginning materials inventory
Transcribed Image Text:Using the above data, prepare a schedule of cost of goods manufactured and sold,
Do not use negative signs with any of your answers.
Bishop Manufacturing Company
Schedule of Cost of Goods Manufactured and Sold
For the Year Ended December 31,2016
Direct material:
Beginning materials inventory
24
Cost of material available
Less:
Total materials used
Less:
Direct material used
Direct labor
Manufacturing overhead
Indirect material
Indirect labor
Factory supplies used
Factory rent
Total manufactturing overhead
Total manufacturing costs for the year
Add:
Total cost of work in process during the year
Less
Cost of goods manufactured
Add:
Cost of goods available for sale
Less:
Cost of goods sold
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