Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January
Question:
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:
Inventories | January 1 | January 31 |
Materials | $302,000 | $278,000 |
Work in process | 215,600 | 238,200 |
Finished goods | 163,000 | 187,100 |
January 31 | |
Direct labor | $569,000 |
Materials purchased during the month | 608,600 |
Factory overhead incurred during the month: | |
Indirect labor | 60,680 |
Machinery depreciation | 36,000 |
Heat, light, and power | 12,400 |
Supplies | 8,160 |
Property taxes | 8,060 |
Miscellaneous costs | 16,400 |
Required: | |
a. Prepare a cost of goods manufactured statement for January. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. | |
b. Determine the cost of goods sold for January. |
Amount Descriptions | |
Direct labor | |
Finished goods inventory, January 1 | |
Finished goods inventory, January 31 | |
Heat, light, and power | |
Indirect labor | |
Machinery depreciation | |
Materials inventory, January 1 | |
Materials inventory, January 31 | |
Miscellaneous costs | |
Property taxes | |
Purchases | |
Supplies | |
Work in process inventory, January 1 | |
Work in process inventory, January 31 |
Statement of Cost of Goods Manufactured
a. Prepare a cost of goods manufactured statement for January. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Sandusky Manufacturing Company |
Statement of Cost of Goods Manufactured |
For the Month Ended January 31 |
1 | ||||
2 | Direct materials: | |||
3 | ||||
4 | ||||
5 | Cost of materials available for use | |||
6 | ||||
7 | Cost of direct materials used in production | |||
8 | ||||
9 | Factory overhead: | |||
10 | ||||
11 | ||||
12 | ||||
13 | ||||
14 | ||||
15 | ||||
16 | Total factory overhead | |||
17 | Total manufacturing costs incurred in January | |||
18 | Total manufacturing costs | |||
19 | ||||
20 | Cost of goods manufactured |
b. Determine the cost of goods sold for January.
Managerial Accounting
ISBN: 978-1337270595
14th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac