Statement of cost of goods manufactured for a manufacturing company Instructions

Question

Statement of cost of goods manufactured for a manufacturing company Instructions Amount Descriptions Statement of Cost of Goods Manufactured Instructions Cost data for Mix-A-Lot Manufacturing Company for the month ended March 31, 2016, are as follows: March 31 Inventories Materials Work in process Finished goods March 1 314,000 $276,800 239,800 89,000 216,000 163,200 March 31 $567,000 Direct labor Materials purchased during the month Factory overhead incurred during the month: 606,600 ndirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 60,520 32,000 2,200 8,220 8,880 16,460 Check My Work

Explanation / Answer

Solution: 1st Mix-A-Lot Manufacturing Company Schedule of cost of goods manufactured for year ended March 31, 2016 Work in process inventory, March 1 2016 216,000.00 Direct Materials: Materials inventory, March 1, 2016 314,000.00 Purchases 606,600.00 Cost of materials available for use 920,600.00 Materials inventory, March 31, 2016   276,800.00 Cost of direct materials used 643,800.00 Direct Labor 567,000.00 Factory overhead Indirect Labor 60,520.00 Machinery Depreciation 32,000.00 Heat, light and power 12,200.00 Supplies 8,220.00 Property taxes 8,880.00 Miscellaneous costs 16,460.00 Total factory overhead 138,280.00 Total Manufacturing Costs incurred 1,349,080.00 Total Manufacturing Costs 1,565,080.00 Work in process inventory, March 31, 2016 239,800.00 Cost of goods manufactured 1,325,280.00 Working Notes: Mix-A-Lot Manufacturing Company Schedule of cost of goods manufactured for year ended March 31, 2016 a Work in process inventory, March 1 2016 216,000.00 Direct Materials: b Materials inventory, March 1, 2016 314,000.00 c Purchases 606,600.00 d =b+c Cost of materials available for use 920,600.00 e Materials inventory, March 31, 2016   276,800.00 f =d-e Cost of direct materials used 643,800.00 g Direct Labor 567,000.00 Factory overhead i Indirect Labor 60,520.00 j Machinery Depreciation 32,000.00 k Heat, light and power 12,200.00 l Supplies 8,220.00 m Property taxes 8,880.00 n Miscellaneous costs 16,460.00 o=i+j+k+l+m+n Total factory overhead 138,280.00 p=f+g+o Total Manufacturing Costs incurred 1,349,080.00 q=a+p Total Manufacturing Costs 1,565,080.00 r Work in process inventory, March 31, 2016 239,800.00 c=q-r Cost of goods manufactured 1,325,280.00 Notes: Less & Plus will automatically comes so do not try to do manually. you have insert one digit lesser in direct labor cost, try to check each amount with digit detail , addition & subtraction will be done automatically do not attempt it manually. 2nd Cost of goods sold Cost of goods manufactured 1,325,280.00 Finished goods inventory, March 1, 2016 163,200.00 Finished goods inventory, March 31, 2016   189,000.00 Cost of goods sold 1,299,480.00 Working Notes: Cost of goods sold a Cost of goods manufactured 1,325,280.00 b Finished goods inventory, March 1, 2016 163,200.00 c Finished goods inventory, March 31, 2016   189,000.00 d=a+b-c Cost of goods sold 1,299,480.00 Please feel free to ask if anything about above solution in comment section of the question.

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