Hirschman Corporation has provided the following data for the month of April: In

Question

Hirschman Corporation has provided the following data for the month of April: Inventories Beginning Ending Raw materials $ 21,000 $ 35,000 Work in process 17,000 19,000 Finished goods 46,000 38,000 Additional information: Raw materials purchases $ 76,000 Direct labor cost 81,000 Manufacturing overhead cost incurred 42,000 Indirect materials included in manufacturing overhead cost incurred 6,000 Manufacturing overhead cost applied to Work in Process 44,000 Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form

Explanation / Answer

Raw materials used in production = 21000 + 76000 - 35000 = $62000 Work in Process = 17000 + 62000 +81000 + 44000 +6000 -19000 = 191000 Cost of goods Manufactured = 191000 Cost of goods sold = 46000 + 191000 - 38000 = 199000

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