Statement of Cost of Goods Manufactured for a Manufacturing CompanyCost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:InventoriesJanuary 1January 31Materials$151,500 $128,780 Work in process101,510 86,280 Finished goods77,270 86,280 Direct labor$272,700Materials purchased during January290,880Factory overhead incurred during January: Indirect labor29,090 Machinery depreciation17,570 Heat, light, and power6,060 Supplies4,850 Property taxes4,240 Miscellaneous costs7,880a. Prepare a cost of goods manufactured statement for January.Sandusky Manufacturing CompanyStatement of Cost of Goods ManufacturedFor the Month Ended January 31 $fill in the blank 9dc536060f91fdb_2Direct materials: $fill in the blank 9dc536060f91fdb_4 fill in the blank 9dc536060f91fdb_6 $fill in the blank 9dc536060f91fdb_8 fill in the blank 9dc536060f91fdb_10 $fill in the blank 9dc536060f91fdb_12 fill in the blank 9dc536060f91fdb_14 Factory overhead: $fill in the blank 9dc536060f91fdb_16 fill in the blank 9dc536060f91fdb_18 fill in the blank 9dc536060f91fdb_20 fill in the blank 9dc536060f91fdb_22 fill in the blank 9dc536060f91fdb_24 fill in the blank 9dc536060f91fdb_26 Total factory overhead fill in the blank 9dc536060f91fdb_27 Total manufacturing costs incurred during January fill in the blank 9dc536060f91fdb_28Total manufacturing costs $fill in the blank 9dc536060f91fdb_29 fill in the blank 9dc536060f91fdb_31Cost of goods manufactured $fill in the blank 9dc536060f91fdb_32b. Determine the cost of goods sold for January.$fill in the blank 0f41adfa6f9af9f_1

Answered: Statement of Cost of Goods Manufactured…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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
			$fill in the blank 9dc536060f91fdb_2
Direct materials:
	$fill in the blank 9dc536060f91fdb_4
	fill in the blank 9dc536060f91fdb_6
	$fill in the blank 9dc536060f91fdb_8
	fill in the blank 9dc536060f91fdb_10
		$fill in the blank 9dc536060f91fdb_12
		fill in the blank 9dc536060f91fdb_14
Factory overhead:
	$fill in the blank 9dc536060f91fdb_16
	fill in the blank 9dc536060f91fdb_18
	fill in the blank 9dc536060f91fdb_20
	fill in the blank 9dc536060f91fdb_22
	fill in the blank 9dc536060f91fdb_24
	fill in the blank 9dc536060f91fdb_26
Total factory overhead		fill in the blank 9dc536060f91fdb_27
Total manufacturing costs incurred during January			fill in the blank 9dc536060f91fdb_28
Total manufacturing costs			$fill in the blank 9dc536060f91fdb_29
			fill in the blank 9dc536060f91fdb_31
Cost of goods manufactured			$fill in the blank 9dc536060f91fdb_32

b. Determine the cost of goods sold for January.
$fill in the blank 0f41adfa6f9af9f_1

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Cost sheet is a method of allocating total cost into different categories such as direct material consumed, prime cost, cost of goods manufactured etc.

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