Templar Company, a manufacturing firm, has supplied the following information fr
ID: 2393503 • Letter: T
Question
Templar Company, a manufacturing firm, has supplied the following information from its accounting records for the month of November: 1. Factory supplies used Depreciation on factory building Salary of company controller Factory janitorial costs Marketing and promotion Direct labor cost Purchases of raw materials Finished Goods Inventory, Nov. 1 Finished Goods Inventory, Nov. 30 Work in Process Inventory, Nov. 1 Work in Process Inventory, Nov. 30 Materials Inventory, Nov. 1 Materials Inventory, Nov. 30 $18,000 17,000 6,000 5,000 4,500 22,000 10,000 2,250 3,750 4,200 2.750 3,500 5,100 Required a. Prepare a Statement of Cost of Goods Manufactured b. Prepare a Statement of Cost of Goods SoldExplanation / Answer
ANSWER-1
1)
Statement of Cost of Goods Manufactured
Materials inventory, November 1
3,500
Purchases of materials
10,000
Materials inventory, November 30
-5,100
Materials used
8,400
Direct labor
22,000
Ooverhead
40,000
Total manufacturing costs
70,400
WIP, November 1
4,200
WIP, November 30
-2,750
Cost of goods manufactured
71,850
?
Statement of Cost of Goods Sold
Cost of goods manufactured
71,850
Finished goods inventory, November 1
2,250
Finished goods inventory, November 30
-3,750
Cost of goods sold
70,350
Materials inventory, November 1
3,500
Purchases of materials
10,000
Materials inventory, November 30
-5,100
Materials used
8,400
Direct labor
22,000
Ooverhead
40,000
Total manufacturing costs
70,400
WIP, November 1
4,200
WIP, November 30
-2,750
Cost of goods manufactured
71,850
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