Ziray Corporation has the following cost records for November 2013. Indirect fac
ID: 2382033 • Letter: Z
Question
Ziray Corporation has the following cost records for November 2013.
Indirect factory labor
Direct materials used
Work in process, 11/1/13
Work in process, 11/30/13
Finished goods, 11/1/13
Finished goods, 11/30/13
$ 5,107 Factory utilities $ 613
24,826 Depreciation, factory equipment 1,499
3,267 Direct labor 33,052
3,633 Maintenance, factory equipment 1,958
4,609 Indirect materials 2,749
7,429 Factory manager's salary 4,038
Instructions: Prepare a cost of goods manufactured schedule for November 2013.
, COST OF GOODS MANUFACTURED SCHEDULE
Ziray Corporation has the following cost records for November 2013. Indirect factory labor Direct materials used Work in process, 11/1/13 Work in process, 11/30/13 Finished goods, 11/1/13 Finished goods, 11/30/13 $ 5,107 Factory utilities $ 613 24,826 Depreciation, factory equipment 1,499 3,267 Direct labor 33,052 3,633 Maintenance, factory equipment 1,958 4,609 Indirect materials 2,749 7,429 Factory manager's salary 4,038 Prepare a cost of goods manufactured schedule for November 2013.Explanation / Answer
A]Direct materials used =24,826
B]ADD:-Direct labor = 33,052
C]PRIME COST[A+B] =38159
D]FACTORY OVERHEADS
-Indirect factory labor= 5,107
-Factory utilities= 613
-Depreciation, factory equipment =1,499
-Maintenance, factory equipment =1,958
-Indirect materials= 2,749
-Factory manager's salary= 4,038
TOTAL FACTORY OVERHEADS = 15964
ADD:-Work in process, 11/1/13=3,267
LESS:-Work in process, 11/30/13=(3,633)
E]WORKS COST [C+D+OPENG WIP-CLOSING WIP]= 15598
ADD:Finished goods, 11/1/13=4,609
LESS:Finished goods, 11/30/13=(7,429)
COST OF GOODS SOLD [E+OPNG F.GOODS-CLSNG FGOODS] =12778
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