The following data are taken from the general ledger and other records of Black Hills Manufacturing Co. on January 31, the end of the first month of operations in the current fiscal year: Sales 75,000 Materials Inventory Jan 1 25,000 Work in Process Inventory Jan 1 24,000 Finished goods inventory Jan 1 32,000 Materials Purchased 21,000 Direct Labor 18,000 Factory overhead (including 1,000 of indirect materials used and 3,000 indirect labor) 12,000 Selling and Admin expense 10,000 Inventories Jan 31: Materials 22,000 22,000 Work in Process 20,000 Finished Goods 30,000 Prepare a statement of the cost of goods manufactured and sold.
The following data are taken from the general ledger and other records of Black Hills Manufacturing Co. on January 31, the end of the first month of operations in the current fiscal year: Sales 75,000 Materials Inventory Jan 1 25,000 Work in Process Inventory Jan 1 24,000 Finished goods inventory Jan 1 32,000 Materials Purchased 21,000 Direct Labor 18,000 Factory overhead (including 1,000 of indirect materials used and 3,000 indirect labor) 12,000 Selling and Admin expense 10,000 Inventories Jan 31: Materials 22,000 22,000 Work in Process 20,000 Finished Goods 30,000 Prepare a statement of the cost of goods manufactured and sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data are taken from the general ledger and other records of Black Hills Manufacturing Co. on January 31, the end of the first month of operations in the current fiscal year:
| Sales | 75,000 |
| Materials Inventory Jan 1 | 25,000 |
| Work in Process Inventory Jan 1 | 24,000 |
| Finished goods inventory Jan 1 | 32,000 |
| Materials Purchased | 21,000 |
| Direct Labor | 18,000 |
| Factory |
12,000 |
| Selling and Admin expense | 10,000 |
| Inventories Jan 31: | |
| Materials 22,000 | 22,000 |
| Work in Process | 20,000 |
| Finished Goods | 30,000 |
Prepare a statement of the cost of goods manufactured and sold.
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