Chapter 14 6. using the following information calculate a) Cost of Goods Manufac

Question

Chapter 14 6. using the following information calculate a) Cost of Goods Manufactured and 2) Cost of Goods Sold Salt C Bee work in Process inventor.$19,950 22,750 Rental Cost on Factory Equipment Direct Labor Ending Finished Goods Inventory 35,000 17,650 Factory Utilities 9,000 7.660 Indirect Labor Selling Expenses Ending Work in Process 44,000 22,000 Inventory 54,000 Direct Materials General and Administrative Expenses Beg Finished Goods Inventory 10,000 16,450 15,750 Sales 300,000 Accounts Payable Depreciation Expense-Factory 22,000 Equipment Repairs-Factory Equipment 8,900 a) Cost of Goods Manufactured (5 pts) Cost of Goods Sold (5 pts)

Explanation / Answer

Cost of goods manufactured        1,57,260 Cost of goods sold        1,56,060 Schedule of cost of goods manufactured and cost of goods sold Particulars Amount Amount Beginning work In progress inventory            19,950 Materials used        54,000 Direct labor        35,000 Manufacturing overhead        70,310 Add: total manufacturing costs incurred     1,59,310        1,59,310 Total manufacturing costs to account for        1,79,260 Less: closing work In progress inventory            22,000 Cost of goods manufactured        1,57,260 Add: Opening finshed goods            16,450 Cost of goods available for sale        1,73,710 Less: closing finished goods            17,650 Cost of goods sold        1,56,060 Manufacturing overhead Factory equipment rent        22,750 Factory utilities           9,000 Indirect labor           7,660 Factory equipment repair           8,900 Factory equipment depreciation        22,000        70,310

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