Lastly: Determine the costs of goods sold for January: Work in process inventory, JanuaryDirect materials:Materials inventory, January 1PurchasesCost of materials available for useLess materials inventory, January 31Cost of direct materials usedDirect laborFactory overhead:Indirect laborMachinery depreciationHeat, light, and powerSuppliesProperty taxesMiscellaneous costsTotal factory overheadTotal manufacturing costs incurred during JanuaryTotal manufacturing costsLess work in process inventory, January 31Cost of goods manufactured$QO0000 Statement of Cost of Goods Manufactured for a Manufacturing CompanyCost data for Disksan Manufacturing Company for the month ended January 31 are as follows:InventoriesMaterialsWork in processFinished goodsJanuary 1 January 31$180,000$145,500334,600290,700675,000715,000Direct laborMaterials purchased during JanuaryFactory overhead incurred during January:Indirect laborMachinery depreciationHeat, light, and powerSuppliesProperty taxesMiscellaneous costs$2,260,0001,375,000115,00090,00055,00018,50010,00033,100

The cost of goods manufactured includes the cost of goods that are finished during the period.Cost…

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: January 1 January 31 $180,000 334,600 675,000 Inventories Materials Work in process Finished goods $145,500 290,700 715,000 Direct labor Materials purchased during January Factory overhead incurred during January: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs $2,260,000 1,375,000 115,000 90,000 55,000 18,500 10,000 33,100

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: January 1 January 31 $180,000 334,600 675,000 Inventories Materials Work in process Finished goods $145,500 290,700 715,000 Direct labor Materials purchased during January Factory overhead incurred during January: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs $2,260,000 1,375,000 115,000 90,000 55,000 18,500 10,000 33,100

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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