Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: Data TableBalances:BeginningEndingDirect Materials$20,000$32,000Work-in-Process Inventory39,00037,000Finished Goods Inventory14,00023,000Data TableOther information: Purchases of direct materials$79,000Direct labor80,000Manufacturing overhead41,000First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured Now compute cost of goods sold. Cost of Goods Sold Cost of Goods Manufactured Cost of Goods Available for Sale Cost of Goods Sold

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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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Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:

Data Table

Balances:	Beginning	Ending
Direct Materials	$20,000	$32,000
Work-in-Process Inventory	39,000	37,000
Finished Goods Inventory	14,000	23,000

Data Table

Other information:
Purchases of direct materials	$79,000
Direct labor	80,000
Manufacturing overhead	41,000

First, compute cost of goods manufactured.

Schedule of Cost of Goods Manufactured


Direct Materials Used:




Direct Materials Used


Total Manufacturing Costs Incurred during the Year
Total Manufacturing Costs to Account For

Cost of Goods Manufactured

Now compute cost of goods sold.

Cost of Goods Sold


Cost of Goods Manufactured
Cost of Goods Available for Sale

Cost of Goods Sold

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