data for Mix-A-Lot Manufacturing Company for the month ended March 31, 2016, are

Question

data for Mix-A-Lot Manufacturing Company for the month ended March 31, 2016, are as follows: Inventories March 1 March 31 Materials $310,000 $276,600 Work in process 215,200 238,400 Finished goods 162,800 190,100 March 31 Direct labor $565,000 Materials purchased during the month 604,800 Factory overhead incurred during the month: Indirect labor 60,440 Machinery depreciation 35,000 Heat, light, and power 13,600 Supplies 8,540 Property taxes 8,860 Miscellaneous costs 16,400 Required:

A. Prepare a cost of goods manufactured statement for March 2016. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers

. B. Determine the cost of goods sold for March 2016.

Explanation / Answer

Statement showing cost of goods Manufactured Particulars Amount Beginning inventory, raw materials       310,000.00 Plus: Purchases of raw materials       604,800.00 Raw materials available for use = Beg + Purchase       914,800.00 Less: Ending raw materials inventory    (276,600.00) Cost of direct raw materials used       638,200.00 Add Direct Labor       565,000.00 Add Manufacturing overhead = 60,440 + 35,000 + 13,600 + 8540 + 8860 + 16400       142,840.00 Total manufacturing costs 1,346,040.00 Plus: Beginning work-in-process inventory       215,200.00 Total work in process   1,561,240.00 Less: Ending work-in-process inventory    (238,400.00) a) Cost of Goods Manufactured 1,322,840.00 Add Beginning Finished Goods inventory       162,800.00 Total goods available for sales 1,485,640.00 Less Ending Finished Goods inventory    (190,100.00) b) cost of goods sold   1,295,540.00

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