3 EX18-15 Statement of cost of goods manufactured for a manufacturing company OB

Question

3 EX18-15 Statement of cost of goods manufactured for a manufacturing company OBJ. Cost data for Mix-A-Lot Man are as follows: ufacturing Company for the month ended March 31, 2016, Inventories Materials Work in process Finished goods March 1 March 31 $277,200 $315,000 214,200 163,800 239,400 189,000 Direct labor Materials purchased during May Factory overhead incurred during May: $567,000 604,800 Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 60,480 36,000 12,600 10,080 8,820 16,380 a. Prepare a cost of goods manufactured statement for March 2016. b. Determine the cost of goods sold for March 2016.

Explanation / Answer

Answer:-a)-

b)-

Finished goods inventory, March 1 ,2016                            $163800

Add:- Cost of goods manufactured                                      $1328760

Cost of finished goods available for sale                            $1492560

Less:- Finished goods inventory, 31 March ,2016 $189000

Cost of goods sold $1303560

MIX-A-LOT Manufacturing Company Statement of Cost of Goods manufactured For the month ended March 31,2016 Particulars Amount Amount $ $ Work in process inventory, March 1,2016 214200 Direct Materials:- Materials inventory, March 1,2016 315000 Add:-Purchases 604800 Cost of material available for use 919800 Less:-Materials inventory, March 31,2016 277200 Cost of material used in production 642600 Direct labor 567000 Factory overhead:- Indirect labor 60480 Machinery depreciation 36000 Heat,light and power 12600 Supplies 10080 Property taxes 8820 Miscellenous cost 16380 Total factory overhead 144360 Total manufacturing costs 1568160 Less:-Work in process inventory, March 1,2016 239400 Cost of goods manufactured 1328760

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