Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data fo

Question

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 Materials Work in process Finished goods January 1 January 31 $168,750 $151,880 103,280 86,060 01,760 114,750 Direct labor Materials purchased during January Factory overhead incurred during January: $303,750 324,000 Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 32,400 19,580 6,750 5,400 4,730 8,780

Explanation / Answer

Statement showing cost of goods manifactured and cost of goods sold

Raw material consumed(1,68,750+3,24,000-1,51,880)

(Opening +purchases-closeing raw material)

2)

Cost of goods sold=

Opening stock of finished goods+cost of goods manifactured-closeing stock of finished goods

86,060+7,33,730-1,01,760=7,18,030

Particulars Amount$

Raw material consumed(1,68,750+3,24,000-1,51,880)

(Opening +purchases-closeing raw material)

3,40,870 Direct labour 3,03,750 Direct Expenses nil Prime cost 6,44,620 +Factory overheads Indirect labour 32,400 Machine depreciation 19,580 Heat,light and power 6,750 Supplies 5,400 Property taxes 4,730 Miscellanious Expenses 8,780 Total Factory cost incurred in January 7,22,260 +Opening work in progress jan1st 1,14,750 -closeing work in progress Jan 31st (1,03,280) Cost of goods manifactured/produced 7,33,730

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