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 F. Mills Manufacturing Company for the month ended May 31, 2014, are as follows:

a. Prepare a cost of goods manufactured statement for May 2014.

F. Mills Manufacturing Company

Statement of Cost of Goods Manufactured

For the Month Ended May 31, 2014

  

$  

Direct materials:

  

$  

  

  

  

$  

  

  

  

$  

  

  

Factory overhead:

  

$  

  

  

  

  

  

  

  

  

  

  

Total factory overhead

  

Total manufacturing costs incurred during May

  

Total manufacturing costs

$  

  

  

Cost of goods manufactured

$  

b. Determine the cost of goods sold for May 2014.
$

Inventories May 1 May 31 Materials $145,250 $126,370 Work in process 95,870 83,400 Finished goods 75,530 84,670

Explanation / Answer

261450

b)

Direct material : Beginning Raw material 145250 Add:Purchase 278880 Raw material available for use 424130 less:Raw material at end (126370) Raw material used 297760 Direct labor

261450

Factory overhead Indirect labor 27890 Depreciation 16850 Heat,light 5810 supplies 4650 Taxes 4070 Misc.cost 7550 Total Factory overhead 59270 Total manufacturing cost incurred 618480 Add:Beginning WIP 95870 Total manufactuing cost 714350 less:WIP at end (83400) cost of goods manufactured (Ans to part A) 630950

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