The following information is available for Concordia Corp for 2017 January 1, 20
ID: 2340704 • Letter: T
Question
The following information is available for Concordia Corp for 2017 January 1, 2017 $21,000 13,500 27,000 December 31, 2017 S30,000 17,200 2017 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue 150,000 220,000 180,000 910,000 Instructions. For the year 2017, Compute cost of goods manufactured. (10 points) Compute cost of goods sold. (5 points) Compute gross profit. (5 points) Pr.1. 52 % RAw MAT S0,0D0 7,20 l 220,ur 3500Explanation / Answer
SOLUTION:
1)
Direct materials
13,500
Materials inventory
21,000
Materials purchased
150,000
Materials available for use
171,000
Minus: Materials inventory
27,000
Direct materials used
144,000
Direct labor
220,000
Manufacturing OH
180,000
Total manufacturing costs
544,000
Total cost of work-in-process
557,500
Minus: Work-in-process
17,200
Cost of goods manufactured
540,300
2)
COGS
Finished goods, 1/1
30,000
Cost of goods manufactured
540,300
Cost of goods available for sale
570,300
Minus: Finished goods, 31/12
21,000
Cost of goods sold
549,300
3)
Sales
910,000
COGS
Finished goods, 1/1
30,000
Cost of goods manufactured
540,300
Cost of goods available for sale
570,300
Minus: Finished goods, 31/12
21,000
Cost of goods sold
549,300
Gross profit
360,700
Direct materials
13,500
Materials inventory
21,000
Materials purchased
150,000
Materials available for use
171,000
Minus: Materials inventory
27,000
Direct materials used
144,000
Direct labor
220,000
Manufacturing OH
180,000
Total manufacturing costs
544,000
Total cost of work-in-process
557,500
Minus: Work-in-process
17,200
Cost of goods manufactured
540,300
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.