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 $131,500 $113,090 Work in process 92,050 79,160 Finished goods 67,070 76,900

Explanation / Answer

a. cost of goods manufactured statement for May31 ,2014

   Direct material

Beginning raw material $131500

Add: Materials purchased during May   $252480

Raw material available for sale $383980

Less: closing raw material $113090

Total direct material used $270890

Direct Labour $236700

Factory Overhead

Indirect Labour $25250

Machinery Depreciation $15250

Heat light and Power $5260

Supplies $4210

Property Tax $3680

Miscellaneous Costs $6840

Total factory overhead $60490   

Total manufacturing costs incurred during May $568080

Add: beginning Work in progress inventory $92050

Total manufacturing costs $660130

Less: Ending Work in progress inventory $79160   

  Cost of goods manufactured $580970

b.   the cost of goods sold for May 2014 :

= Beginning finished goods + Cost of goods manufactured - Ending finished goods

= $67070 + $580970 - $76900

   = $571140

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