Please prepare a Cost of Goods Manufactured Statement with the information prese

Question

Please prepare a Cost of Goods Manufactured Statement with the information presented below. Check Figure is $146,100  

For the Month Ended December 30, 2015

Bal.for Dec 30 are $ 4,100, 12,800, 6,700

Bal for Dec.1 are $5,600, 10,200, 8,100

.........................................................Balance/Dec 1......... Balance/Dec 30  

Raw Material Inventory                     $ 5,600                       $ 4,100

Work in Process Inventory                 10,200                       12,800

Finished Goods Inventory                      8,100                           6,700

Purchases of Raw Materials                                                   $63,000

Direct Manufacturing Labor                                                   15,000

Indirect Manufacturing Labor                                                 32,000

Plant Insurance                                                                           8,000

Depreciation Expense - Plant, Building, and Equip.               22,000

Repairs and Maintenance - Plant                                                7,200

Marketing, Distribution, and Customer-Service Costs          24,000

General and Administrative Costs                                          19,200

Revenue                                                                                  258,300

Income Tax Rate                                                                     40.00%

Check Figures: Net Income = $40,560, COGM = $146,100

Explanation / Answer

Note : Manufacturing overhead includes indirect labor, plant insurance, depreciation, repair and maint plant.

Operating expenses includes marketing, division and customer service cost, general admn cost.

Cost of Goods Manufactured Schedule for the year ended December 30, 2015 Particulars Amount (in $) Amount (in $) Direct Material Used Beginning Raw Material Inventory, Dec, 1                  5,600 Add: Cost of Raw Material Purchased                63,000 Total Raw Materials available                68,600 Less: Ending Raw Materials Inventory, Dec 30                  4,100 Total Raw Materials Used                  64,500 Direct Labour                  15,000 Manufacturing Overhead                  69,200 Total Manufacturing Cost               148,700 Add: Beginning work in process inventory, Dec 1                  10,200               158,900 Less; Ending work in process inventory, Dec 2014                  12,800 Cost of Goods Manufactured               146,100 Income Statement for the year ended December 30, 2015 Particulars Amount (in $) Amount (in $) Sales Revenue               258,300 Less: Cost of Goods Sold Beginning Finished Goods Inventry, Dec, 1                  8,100 Add: Cost of Goods Manufactured              146,100 Cost of Goods Available for Sale              154,200 Less:Ending Finished Goods Inventry, Dec 30                  6,700               147,500 Gross Margin               110,800 Less: Operating Cost                  43,200 Operating Income                  67,600 Less: Income Tax @ 40%                  27,040 Net Income                  40,560

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