R Material-begin vear $50,000 Deprec\'n- Plant equip\'t S26.000 R/Material- end

Question

R Material-begin vear $50,000 Deprec'n- Plant equip't S26.000 R/Material- end ofyear 56,000 Repairs and mtce -plant8,000 WIP. beg, ofyear WIP-end ofyear Fin goods beg, ofyear 36,000 Indirect labour Fin/ goods - end ofyear 50,000 Direct labour Purchase of dir materials 30,000Marketing expenses 40,000 1 00.000 Insurance-plant 18,000 70,000 General andadmin exp 25,000 164,000 a)Prepare a Schedule of Cost of Goods Manufactured in good form for the year. b) Determine the Cost of Goods Sold for the year

Explanation / Answer

Schedule of Cost of Goods Manufactured For the year ended Direct materials Beginning Raw Materials                  50,000 Add: Raw Material Purchases                  30,000 Total Raw Materials Available for use                  80,000 Less: Ending Raw Materials                 -56,000 Raw material used in production          24,000 Direct Labour      1,64,000 Factorty overhead: Depreciation expense- Plant Equipment                  26,000 Repairs & Maintenance -Plant                     8,000 Insurance -Plant                  18,000 Indirect labour                  30,000 Total Factory overhead cost          82,000 Total Manfucature costs      2,70,000 Beginning Work In progess      1,00,000 Total manufacturing costs      3,70,000 Less :Ending Work In progess        -70,000 Cost Goods Manufactured      3,00,000 Cost of Goods Sold for the year Cost Goods Manufactured               3,00,000 Add : Beginning Finshed Goods                  36,000 Finished Goods Available for Sale               3,36,000 Less: Ending Finshed Goods                 -50,000 Cost of Goods Sold      2,86,000

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