The following data (in thousands of dollars) have been taken from the accounting

Question

The following data (in thousands of dollars) have been taken from the accounting records of Toyota Corporation for the just-completed year:

Sales.................................................................................

$1,110

Purchases of raw materials................................................

$325

Direct labor.......................................................................

$285

Manufacturing overhead....................................................

$265

Administrative expenses....................................................

$150

Selling expenses................................................................

$140

Raw materials inventory, beginning.....................................

$15

Raw materials inventory, ending.........................................

$90

Work-in-process inventory, beginning.................................

$20

Work-in-process inventory, ending.....................................

$100

Finished goods inventory, beginning...................................

$120

Finished goods inventory, ending.......................................

$135

Required: Prepare a Schedule of Cost of Goods Manufactured for Toyota Corporation

Sales.................................................................................

$1,110

Purchases of raw materials................................................

$325

Direct labor.......................................................................

$285

Manufacturing overhead....................................................

$265

Administrative expenses....................................................

$150

Selling expenses................................................................

$140

Raw materials inventory, beginning.....................................

$15

Raw materials inventory, ending.........................................

$90

Work-in-process inventory, beginning.................................

$20

Work-in-process inventory, ending.....................................

$100

Finished goods inventory, beginning...................................

$120

Finished goods inventory, ending.......................................

$135

Explanation / Answer

PARTICULARS

AMOUNT($)

Beginning raw materials

15

Raw materials purchases

325

Ending raw materials

(90)

COST OF MATERIALS USED

250

Direct Labor

285

PRIME COST***

535

FACTORY OVERHEADS

Manufacturing overhead.

265

WORKS COST ICURRED/ MANUFACTURIG COST INCURRED

265

ADD:-Beginning goods in process inventory

20

LESS:-Ending goods in process inventory

(100)

FACTORY OVERHEADS/ /COST OF GOODS MANUFACTURED**

720

Administrative expenses

150

ADD:-Beginning finished goods inventory

120

LESS:-Ending finished goods inventory

(135)

COST OF GOODS SOLD***

855

Selling expenses

140

COST OF SALES***

995

PROFIT(balancing figure)

115

SALES

1110

PARTICULARS

AMOUNT($)

Beginning raw materials

15

Raw materials purchases

325

Ending raw materials

(90)

COST OF MATERIALS USED

250

Direct Labor

285

PRIME COST***

535

FACTORY OVERHEADS

Manufacturing overhead.

265

WORKS COST ICURRED/ MANUFACTURIG COST INCURRED

265

ADD:-Beginning goods in process inventory

20

LESS:-Ending goods in process inventory

(100)

FACTORY OVERHEADS/ /COST OF GOODS MANUFACTURED**

720

Administrative expenses

150

ADD:-Beginning finished goods inventory

120

LESS:-Ending finished goods inventory

(135)

COST OF GOODS SOLD***

855

Selling expenses

140

COST OF SALES***

995

PROFIT(balancing figure)

115

SALES

1110

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