Inventory type Raw materials Work in process Finished goods Balance, 4/1/18 300,

Question

Inventory type Raw materials Work in process Finished goods   Balance, 4/1/18 300,000 2,650,000 4,000,000 Balance, 4/30/18 320,000 1,080,000 3,830,000 Amounts spent during April    Raw material purchases 1,650,000    Direct labor wages 9,000,000    Overhead      Indirect materials purchased 477,000      Indirect labor 2,700,000      Factory utilities 1,608,000      Factory depreciation 920,000 What is cost of goods manufactured for April? What is cost of goods sold for April? Inventory type Raw materials Work in process Finished goods   Balance, 4/1/18 300,000 2,650,000 4,000,000 Balance, 4/30/18 320,000 1,080,000 3,830,000 Amounts spent during April    Raw material purchases 1,650,000    Direct labor wages 9,000,000    Overhead      Indirect materials purchased 477,000      Indirect labor 2,700,000      Factory utilities 1,608,000      Factory depreciation 920,000 What is cost of goods manufactured for April? What is cost of goods sold for April?

Explanation / Answer

Cost of Goods Manufactured for April

$ Raw Material on 04/01/18 300,000 Add : Raw material Purchased 1,650,000 1,950,000 Less Closing Raw material 320,000 cost of material used 1,630,000 Add Direct Labor 9,000,000 Add opening WIP 2,650,000 13,280,000 Less Closing WIP 1,080,000 Cost of goods manufactured for April 12,200,000 Add Indirect material used 477,000 Indirect labor 2,700,000 Factory utilities 1,608,000 Factory Depreciation 920,000 Add Opening finished goods 4,000,000 Less Closing finished goods 3,830,000 Cost of goods sold for April 18,075,000

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