(A) Construct a Cost of Goods Manufactured Schedule (B) How many inventories are
ID: 2414086 • Letter: #
Question
(A) Construct a Cost of Goods Manufactured Schedule
(B) How many inventories are included on a Cost of Goods Manufactured Schedule? List Them
(C) Classify all of the cost above as either variable, fixed, or mixed. If mixed, explain why. QUESTION 1 From the account balances listed below, prepare a schedule of cost of goods manufactured for Sisco Manufacturing for the month ended December 31,2019 Account Balances Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense $52,000 14,000 18,000 Raw Materials Inventory, December 1 Work in Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory. December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense 23,000 13,000 14,000 6000 45,000 97,000 35,000 8,000 75.000 Direct Labor Raw Materials Inventory, December 31 Sales Retirns and Allowances Indirect Labor 28,000 5,000 22.000 Use the space bar, NOT the tab key -OR-prepare a table ONLY IF you have the skill (25 rows by 4 columns Cost of Goods Manufactured Schedule REQUIRED tories are included on a Cost of Goods Manufactured Schedule? List them of pss costs above as elther Variable Fixed. or Mxed I mixed explain why
Explanation / Answer
Cost of Goods Manufactured Schedule
Beginning raw materials inventory
$ 23,000.00
Add: Cost of raw materials purchased
$ 97,000.00
Less: Ending raw material inventory balance
$ 28,000.00
raw materials used
$ 92,000.00
Add: Direct labor cost
$ 75,000.00
Add: Manufacturing overhead
$ 50,000.00
Total Manufacturing Cost
$ 217,000.00
Add: Opening Work in progress inventory
$ 35,000.00
Less: Closing Work in progress inventory
$ 13,000.00
= Cost of goods manufactured
$ 239,000.00
Manufacturing Overheads Calculation
Factory Supervisory Salary
$ 14,000.00
Factory Depreciation
$ 6,000.00
Factory Utilities Expenses
$ 8,000.00
Indirect Labour
$ 22,000.00
$ 50,000.00
B) Inventories Included in Cost of Goods Manufactured schedule are
1) Raw Material Inventory
2) Work in Progress Inventory
C) Classification of cost
Factory Supervisory Salary
Fixed
Factory Depreciation
Fixed
Factory Utilities Expenses
Variable
Indirect Labor
Fixed
Sales salaries Expenses
Fixed
Direct Labor
Variable
Sales Return and Allowances
Variable
Cost of Goods Manufactured Schedule
Beginning raw materials inventory
$ 23,000.00
Add: Cost of raw materials purchased
$ 97,000.00
Less: Ending raw material inventory balance
$ 28,000.00
raw materials used
$ 92,000.00
Add: Direct labor cost
$ 75,000.00
Add: Manufacturing overhead
$ 50,000.00
Total Manufacturing Cost
$ 217,000.00
Add: Opening Work in progress inventory
$ 35,000.00
Less: Closing Work in progress inventory
$ 13,000.00
= Cost of goods manufactured
$ 239,000.00
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.