Following inventory and cost data relate to a manufacturing company for 2017. Calculate the Cost of...
Following inventory and cost data relate to a manufacturing company for 2017. Calculate the Cost of Goods Sold as at December 31, 2017.
Item January 1, 2017 December 31, 2017
Raw materials 8,700 7,000
Work in process 15,000 13,600
Finished goods 16,800 12,000
Raw materials purchase 98,400
Direct labor 42,700
Factory rent 8,000
Factory utilities 10,400
Indirect materials 6,600
Indirect labor 9,800
Operating expenses 17,000
Homework Answers
| Schedule of Cost of Goods Sold | ||
| Direct materials used | ||
| Beginning raw materials inventory | $ 8,700 | |
| Add: Raw materials purchases | 98,400 | |
| Less: Ending raw materials inventory | (7,000) | $ 100,100 |
| Direct labor | 42,700 | |
| Manufacturing Overhead | ||
| Indirect materials | 6,600 | |
| Indirect labor | 9,800 | |
| Factory rent | 8,000 | |
| Factory utilities | 10,400 | 34,800 |
| Total Manufacturing Costs | 177,600 | |
| Add: Beginning work in process inventory | 15,000 | |
| Total cost of work in process | 192,600 | |
| Less: Ending work in process inventory | (13,600) | |
| Cost of Goods Manufactured | 179,000 | |
| Add: Beginning finished goods inventory | 16,800 | |
| Cost of Goods Available for Sale | 195,800 | |
| Less: Ending finished goods inventory | (12,000) | |
| Cost of Goods Sold | $ 183,800 | |
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Following inventory and cost data relate to a manufacturing
company for 2017. Calculate the Cost of...
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