36. Pirkd Corporation has provided the following data for the month of March s 2

Question

36. Pirkd Corporation has provided the following data for the month of March s 26,000 $36,000 Raw materials Work in process $ 15,000 $20,000 Finished goods $ 46,000 $ 31,000 Additional Information Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to work in process 70,000 86,000 S 42,100 $ 6,100 5 44900 Required Prepare a Schodule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold (nput all amounts as positive values.) BAKERSTON COMPANY Schedule of Cost Goods Manufactured Direct materials: Raw materials avalable for use Raw materials used in productlon Total manufacturing costs O Type here to search

Explanation / Answer

Pirkl corporation schedule of goods manufactured

                                          particulars

          amount

         amount

Direct materials used :

         raw materials inventory, beginning

$26,000

Add : purchase of raw materials

$70,000

    raw materials available for use

$96,000

Less: raw materials inventory ending

($36,000)

raw materials used in production

$60,000

Less : indirect material used

($6,100)

direct material used

$53,900

direct labour incurred

$86,000

manufacturing overheads applied

$44,900

Total manufacturing costs added this period

$184,800

Beginning work in progress

$15,000

Total work in progress

$199,800

Less: work in progress inventory, ending

($20,000)

Cost of goods manufactured

$179,800

                                                                                                

Pirkl corporation schedule of goods sold

                                          particulars

          amount

Cost of goods sold :

Finished goods inventory , beginning

$46,000

Add: Cost of goods manufactured

$179,800

Cost of goods available for sale

$225,800

Less: finished goods inventory , ending

($31,000)

Unadjusted cost of goods sold

$184,800

Add: manufacturing overheads incurred

$6,100

Adjusted cost of goods sold

$190,900

                                          particulars

          amount

         amount

Direct materials used :

         raw materials inventory, beginning

$26,000

Add : purchase of raw materials

$70,000

    raw materials available for use

$96,000

Less: raw materials inventory ending

($36,000)

raw materials used in production

$60,000

Less : indirect material used

($6,100)

direct material used

$53,900

direct labour incurred

$86,000

manufacturing overheads applied

$44,900

Total manufacturing costs added this period

$184,800

Beginning work in progress

$15,000

Total work in progress

$199,800

Less: work in progress inventory, ending

($20,000)

Cost of goods manufactured

$179,800

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