Using the above data, determine the missing amounts. (You should set up a schedu

Question

Using the above data, determine the missing amounts. (You should set up a schedule of cost of goods manufactured and sold, fill in the known data, and calculate the missing amounts.)

Materials: Beginning inventory 104 328 220 Purchases Ending inventory Total material used ? 1,400 1,000 148 200 660 ? 880 Direct labor 1,160 1,920 1,600 Manufacturing overhead: 192 Indirect material Indirect labor Other Total manufacturing ? 240 320 300 700 ?400 680 1,040 960 overhead Work in process inventories: Beginning ?180 520 Ending 140 ? 200 Finished goods inventories: ?800 160 Beginning Ending Cost of goods 670 240 660 2,768 manufactured Cost of goods sold 2,678 4,648

Explanation / Answer

Solution:

Schedule of Cost of Goods manufactured & Sold Particulars A B C Materials: Beginning inventory $104.00 $328.00 $220.00 Purchases (Material consumed + Ending inventory - Beginning inventory)
A -($660 + $148 - $104) $704.00 $1,400.00 $1,000.00 Ending inventory (Beginning inventory + Purchases - Material consumed)
C - ($220 + $1000 - $880) $148.00 $200.00 $340.00 Total Material Used (Beginning inventory + Purchases - ending inventory)
B - ($328 + $1400 - $200) $660.00 $1,528.00 $880.00 Direct Labor $1,160.00 $1,920.00 $1,600.00 Manufacturing Overhead: Indirect Material (Total Overhead - Indirect labor - Other)
B - ($960 - $300 - $400) $192.00 $260.00 $240.00 Indirect Labor $320.00 $300.00 $700.00 Other ((Total Overhead - Indirect material - Indirect Labor)
A - ($1040 - $192 -$320) $528.00 $400.00 $680.00 Total Manufacturing Overhead (Indirect Material + Indirect Labor + Other)
C - ($240 + $700 + $680) $1,040.00 $960.00 $1,620.00 Work in Process Inventories: Beginning (Cost of goods manufactured - Material consumed - Direct Labor - Manufacturing Overhead + Ending WIP)
A - ($2,768 - $660 - $1160 - $1040 + $140) $48.00 $180.00 $520.00 Ending (Material consumed + Direct Labor + Manufacturing Overhead + Opening WIP - Cost of goods manufactured)
B - ($1528 + $1920 + $960 + $180 - $4088) $140.00 $500.00 $200.00 Finished Goods Inventories: Beginning (Cost of goods sold + Ending Inventory - Cost of goods manufactured)
A - ($2,678 + $670 - $2768) $580.00 $800.00 $160.00 Ending $670.00 $240.00 $660.00 Cost of Goods Manufactured (Cost of goods sold + Ending Inventory - Opening Inventory) (Mateiral + Labor + Overhead + Opening WIP - Closing WIP)
B - ($4648 + $240 - $800)
C - ($880 + $1600 + $1620 + $520 - $200) $2,768.00 $4,088.00 $4,420.00 Cost of Goods Sold (Opening inventory + Cost of goods manufactured - Ending inventory)
C - ($160 + $4420 - $660) $2,678.00 $4,648.00 $3,920.00

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