Cost of goods manufactured:
Cost of the goods manufactured is the cost that has been allocated to the materials or processes that are completed or still in process to be completed.
Overhead:
To identify: The statements and prepare the schedule of cost of goods manufactured.
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Explanation of Solution
Account | | Income statement | Schedule of cost of goods | Overhead report |
| ?¾ | |||
Computer supplies used | ?¾ | |||
Beginning finished goods inventory | ?¾ | |||
Beginning work in process inventory | ?¾ | |||
Cash | ?¾ | |||
| ?¾ | |||
Depreciation expense – office building | ?¾ | |||
Direct labor | ?¾ | |||
Ending work in process inventory | ?¾ | ?¾ | ||
Ending raw materials inventory | ?¾ | ?¾ | ||
Factory maintenance wages | ?¾ | |||
Income taxes | ?¾ | |||
Insurance on factory building | ?¾ | |||
Property taxes on factory building | ?¾ | |||
Raw material purchases | ?¾ | |||
Sales | ?¾ | |||
Table (1) |
Computation of schedule of cost of goods manufactured and cost of goods sold,
Company Schedule for cost of goods manufactured for the year ended on | ||||
Particulars | Cost ($) | |||
Direct Materials Cost | ||||
Beginning raw material inventory | ||||
Add: Raw material purchases | ||||
Raw materials available for use | ||||
Less: Ending raw materials inventory | ||||
Total direct materials used (A) | ||||
Direct labor (B) | ||||
Factory overhead | ||||
Add: | ||||
Rental cost on factory equipment | ||||
Factory utilities | ||||
Factory supplies used | ||||
Indirect labor | ||||
Repairs | ||||
Total factory overhead (C) | ||||
Total | ||||
Add: Beginning goods in process inventory | ||||
Total cost of goods in process | ||||
Less: Ending goods in process inventory | ||||
Cost of goods manufactured | ||||
Add: Beginning finished goods inventory | ||||
Goods available for sale | ||||
Less: Ending finished goods inventory | ||||
Cost of goods sold | ||||
Table (1) |
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Chapter 1 Solutions
Managerial Accounting
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