Statement of cost of goods manufacturing company Cost data for Tiwana Manufactur

Question

Statement of cost of goods manufacturing company

Cost data for Tiwana Manufacturing Company for the month ended May 31, 2014, are as follows:

a. Prepare a cost of goods manfactured statement for May 2014.

b. Determine the cost of goods sold for May 2014.

Inventories May 1 May 31 Materials $210,000 $184,800 Work in process 142,800 159,600 Finished goods 109,200 126,000 Direct Labor 378,000 Machinery depreciation 403,200 Factory overhead incurred during May: Indirect labor 40,320 Machinery depreciation 24,000 Heat, light, and power 8,400 Supplies 6,720 Property Taxes 5,880 Miscellaneous costs 10,920

Explanation / Answer

Answer:a

Answer:b

Tiwana Manufacturing Company Statement of cost of goods manufactured Direct Materials Used : Opening Material 210000 Add: Material Purchased during May 403200 Less: Closing Material -184800 Cost of Direct Material used 428400 Direct Labor 378000 Factory overhead: Indirect Labor 40320 Machinery dep 24000 Heat,light,and power 8400 Supplies 6720 Property taxes 5880 Miscellaneous costs 10920 Total factory overhead 96240 Total manufacturing cost incurred 902640 Add: Opening WIP 142800 Total manufacturing cost 1045440 Less: Closing WIP 159,600 Cost of goods manufactured 885,840

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.