Total manufacturing costs Work in process inventory, January 31 Cost of goods manufactured b. Determine the cost of goods sold for January.
Total manufacturing costs Work in process inventory, January 31 Cost of goods manufactured b. Determine the cost of goods sold for January.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Statement of Cost of Goods Manufactured for a
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:
| Inventories | January 1 | January 31 | ||
| Materials | $178,500 | $155,300 | ||
| Work in process | 117,810 | 102,500 | ||
| Finished goods | 91,040 | 104,050 |
| Direct labor | $321,300 | |
| Materials purchased during January | 342,720 | |
| Factory |
||
| Indirect labor | 34,270 | |
| Machinery |
20,710 | |
| Heat, light, and power | 7,140 | |
| Supplies | 5,710 | |
| Property taxes | 5,000 | |
| Miscellaneous costs | 9,280 |
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 |
Transcribed Image Text:Total manufacturing costs
Work in process inventory, January 31 v
Cost of goods manufactured
b. Determine the cost of goods sold for January.
Transcribed Image Text:Work in process inventory, January 1 v
Direct materials:
Materials inventory, January 1 /
178,500
Purchases
342,720 V
Cost of materials available for use v
521,220
Materials inventory, January 31 v
155,300
Cost of direct materials used in production v
365,920
Direct labor v
321,300
Factory overhead:
Indirect labor
34,270
Machinery depreciation v
20,710 V
Heat, light, and power v
7,140
Supplies v
5,710
Property taxes v
5,000
Miscellaneous costs v
9,280
Total factory overhead
82,110
Total manufacturing costs incurred during January
769,330 V
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