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 $236,750 $205,970 Work in process 160,990 140,060 Finished goods 123,110 140,060

Explanation / Answer

Solution a.:

Solution b.:

Cost of Goods Sold = Cost of Goods Manufactured + Opening FInished Goods inventory - Closing Finished Goods Inventory

Cost of Goods Sold = $1041330 + $123110 - $140060 = $778,160

F. Mills Manufacturng Company Statement of Cost of Goods Manufactured for the month ended May 31, 2014 Work in process inventory on May 1, 2014 $160,990.00 Direct Material: Material inventory on May 1, 2014 $236,750.00 Add: Purchases $454,560.00 Material Cost Available for use $691,310.00 Less: Material inventory on May 31, 2014 $205,970.00 Cost of material used in manufacturing $485,340.00 Direct Labor $426,150.00 Factory Overhead incurred during May: Indirect labor $45,460.00 Machinery depreciation $27,460.00 Heat, Light And Power $9,470.00 supplies $7,580.00 Property taxes $6,630.00 Miscellaneous Costs $12,310.00 Total Factory Overhaed $108,910.00 Total Manufacturing Cost incurred during May $1,020,400.00 Total Manufacturing Cost $1,181,390.00 Less: Work in process inventory on May 31, 2014 $140,060.00 Cost of goods manufactured $1,041,330.00

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