Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data fo

Question

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $154,750 $134,630 Work in process 105,230 91,550 Finished goods 78,920 90,200 Direct labor $278,550 Materials purchased during January 297,120 Factory overhead incurred during January: Indirect labor 29,710 Machinery depreciation 17,950 Heat, light, and power 6,190 Supplies 4,950 Property taxes 4,330 Miscellaneous costs 8,050 a. Prepare a cost of goods manufactured statement for January.

Explanation / Answer

Direct materials beginning inventory $ 154,750 Add: Purchases during the year $ 297,120 Raw materials avaialable for use $ 451,870 Less: Ending inventory $ 134,630 Direct materials $ 317,240 Direct labor $ 278,550 Factory overhead $    71,180 =29710+17950+6190+4950+4330+8050 Total current manufacturing cost $ 666,970 Add: Beginning WIP $ 105,230 Total cost of work in process inventory $ 772,200 Less: Ending WIP $    91,550 Cost of goods manufactured $ 680,650

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