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Exercise 14-11
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Direct
Materials
Used
Direct
Labor
Used
Manufacturing
Overhead
Total
Manufacturing
Costs
Work in
Process
1/1
Work in
Process
12/31
Cost of Goods
Manufactured
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COLAW COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014
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Exercise 14-11
Incomplete manufacturing cost data for Colaw Company for 2014 are presented as follows for four different situations.Warning
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Explanation / Answer
Solution :
Direct
Direct
Total
Work in
Work in
Materials
Labor
Manufacturing
Manufacturing
Process
Process
Cost of Goods
Used
Used
Overhead
Costs
1/1.
12/31.
Manufactured
1
127,000
140,000
87,000
354,000
(a)
33,000
27,000
(b)
360,000
2
118,000
(c)
200,000
132,000
450,000
60,000
(d)
40,000
470,000
3
80,000
100,000
75,000
(e)
255,000
60,000
80,000
235,000
(f)
4
70,000
143,000
(g)
75,000
288,000
45,000
63,000
(h)
270,000
Formula
Direct mateial+direct labour+manufacturing OH=Total manufactuing cost
Total manufacturing cost+Begining WIP-ending WIP=Cost of goods manufactured
condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2014
$
Direct materials used
127,000
Add :
Direct Labour
140,000
Add :
Manufacturing overhead
87,000
Total manufacturing cost
354,000
Add :
Begining WIP
33,000
Less :
Ending WIP
-27,000
Cost of goods manufactured
360,000
Direct
Direct
Total
Work in
Work in
Materials
Labor
Manufacturing
Manufacturing
Process
Process
Cost of Goods
Used
Used
Overhead
Costs
1/1.
12/31.
Manufactured
1
127,000
140,000
87,000
354,000
(a)
33,000
27,000
(b)
360,000
2
118,000
(c)
200,000
132,000
450,000
60,000
(d)
40,000
470,000
3
80,000
100,000
75,000
(e)
255,000
60,000
80,000
235,000
(f)
4
70,000
143,000
(g)
75,000
288,000
45,000
63,000
(h)
270,000
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