Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $151,500 $128,780 Work in process 101,510 86,280 Finished goods 77,270 86,280 Direct labor $272,700 Materials purchased during January 290,880 Factory overhead incurred during January: Indirect labor 29,090 Machinery depreciation 17,570 Heat, light, and power 6,060 Supplies 4,850 Property taxes 4,240 Miscellaneous costs 7,880 a. Prepare a cost of goods manufactured statement for January. Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 Work in process inventory, January 1 $fill in the blank 9444c60dbfee009_2 Direct materials: Materials inventory, January 1 $fill in the blank 9444c60dbfee009_4 Purchases fill in the blank 9444c60dbfee009_6 Cost of materials available for use $fill in the blank 9444c60dbfee009_8 Materials inventory, January 31 fill in the blank 9444c60dbfee009_10 Cost of direct materials used in production $fill in the blank 9444c60dbfee009_12 Direct labor fill in the blank 9444c60dbfee009_14 Factory overhead: Indirect labor $fill in the blank 9444c60dbfee009_16 Machinery depreciation fill in the blank 9444c60dbfee009_18 Heat, light, and power fill in the blank 9444c60dbfee009_20 Supplies fill in the blank 9444c60dbfee009_22 Property taxes fill in the blank 9444c60dbfee009_24 Miscellaneous costs fill in the blank 9444c60dbfee009_26 Total factory overhead fill in the blank 9444c60dbfee009_27 Total manufacturing costs incurred during January fill in the blank 9444c60dbfee009_28 Total manufacturing costs $fill in the blank 9444c60dbfee009_29 fill in the blank 9444c60dbfee009_31 Cost of goods manufactured $fill in the blank 9444c60dbfee009_32 Feedback a. Add the beginning materials and purchases and subtract the ending materials. Add direct labor and factory overhead. This will give total manufacturing costs. Then, add the total manufacturing costs to the beginning work in process and subtract the ending work in process. b. Determine the cost of goods sold for January.

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $151,500 $128,780 Work in process 101,510 86,280 Finished goods 77,270 86,280 Direct labor $272,700 Materials purchased during January 290,880 Factory overhead incurred during January: Indirect labor 29,090 Machinery depreciation 17,570 Heat, light, and power 6,060 Supplies 4,850 Property taxes 4,240 Miscellaneous costs 7,880 a. Prepare a cost of goods manufactured statement for January. Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 Work in process inventory, January 1 $fill in the blank 9444c60dbfee009_2 Direct materials: Materials inventory, January 1 $fill in the blank 9444c60dbfee009_4 Purchases fill in the blank 9444c60dbfee009_6 Cost of materials available for use $fill in the blank 9444c60dbfee009_8 Materials inventory, January 31 fill in the blank 9444c60dbfee009_10 Cost of direct materials used in production $fill in the blank 9444c60dbfee009_12 Direct labor fill in the blank 9444c60dbfee009_14 Factory overhead: Indirect labor $fill in the blank 9444c60dbfee009_16 Machinery depreciation fill in the blank 9444c60dbfee009_18 Heat, light, and power fill in the blank 9444c60dbfee009_20 Supplies fill in the blank 9444c60dbfee009_22 Property taxes fill in the blank 9444c60dbfee009_24 Miscellaneous costs fill in the blank 9444c60dbfee009_26 Total factory overhead fill in the blank 9444c60dbfee009_27 Total manufacturing costs incurred during January fill in the blank 9444c60dbfee009_28 Total manufacturing costs $fill in the blank 9444c60dbfee009_29 fill in the blank 9444c60dbfee009_31 Cost of goods manufactured $fill in the blank 9444c60dbfee009_32 Feedback a. Add the beginning materials and purchases and subtract the ending materials. Add direct labor and factory overhead. This will give total manufacturing costs. Then, add the total manufacturing costs to the beginning work in process and subtract the ending work in process. b. Determine the cost of goods sold for January.

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 Sandusky Manufacturing Company for the month ended January 31 are as follows:

Inventories	January 1	January 31
Materials	$151,500		$128,780
Work in process	101,510		86,280
Finished goods	77,270		86,280

Direct labor	$272,700
Materials purchased during January	290,880
Factory overhead incurred during January:
	Indirect labor	29,090
	Machinery depreciation	17,570
	Heat, light, and power	6,060
	Supplies	4,850
	Property taxes	4,240
	Miscellaneous costs	7,880

a. Prepare a cost of goods manufactured statement for January.

Sandusky Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended January 31
Work in process inventory, January 1			$fill in the blank 9444c60dbfee009_2
Direct materials:
Materials inventory, January 1	$fill in the blank 9444c60dbfee009_4
Purchases	fill in the blank 9444c60dbfee009_6
Cost of materials available for use	$fill in the blank 9444c60dbfee009_8
Materials inventory, January 31	fill in the blank 9444c60dbfee009_10
Cost of direct materials used in production		$fill in the blank 9444c60dbfee009_12
Direct labor		fill in the blank 9444c60dbfee009_14
Factory overhead:
Indirect labor	$fill in the blank 9444c60dbfee009_16
Machinery depreciation	fill in the blank 9444c60dbfee009_18
Heat, light, and power	fill in the blank 9444c60dbfee009_20
Supplies	fill in the blank 9444c60dbfee009_22
Property taxes	fill in the blank 9444c60dbfee009_24
Miscellaneous costs	fill in the blank 9444c60dbfee009_26
Total factory overhead		fill in the blank 9444c60dbfee009_27
Total manufacturing costs incurred during January			fill in the blank 9444c60dbfee009_28
Total manufacturing costs			$fill in the blank 9444c60dbfee009_29
			fill in the blank 9444c60dbfee009_31
Cost of goods manufactured			$fill in the blank 9444c60dbfee009_32

Feedback

a. Add the beginning materials and purchases and subtract the ending materials. Add direct labor and factory overhead. This will give total manufacturing costs. Then, add the total manufacturing costs to the beginning work in process and subtract the ending work in process.

b. Determine the cost of goods sold for January.

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