Schedule of Cost of Goods Manufactured and Sold The following amounts are availa

Question

Schedule of Cost of Goods Manufactured and Sold
The following amounts are available for 2016 for Bishop Manufacturing Company:

Using the above data, prepare a schedule of cost of goods manufactured and sold.
Do not use negative signs with any of your answers.

Administrative salaries (non-factory) $127,500 Administrative rent (non-factory) 70,500 Advertising and promotion expense 139,500 Depreciation-administrative 115,500 Depreciation-factory 142,500 Depreciation-selling 54,000 Direct labor 487,500 Factory rent 102,000 Factory supplies used 34,500 Finished goods inventory (January 1) 91,500 Finished goods inventory (December 31) 94,500 Indirect material used 40,500 Indirect labor 66,000 Materials inventory (January 1) 33,000 Materials inventory (December 31) 45,000 Net delivered cost of materials purchased 315,000 Other factory overhead 82,500 Sales 1,407,000 Sales salaries expense 106,500 Work in process inventory (January 1) 49,500 Work in process inventory (December 31) 43,500

Explanation / Answer

Cost Sheet :-

Particulars Amount($) Beginning Raw Materials Inventory 33000 Add : Purchase 315000 Raw Materials Available for use 348000 Less : Ending raw materials Inventory 45000 Direct raw materials used 303000 Direct Labor 487500 Manufacturing Overhead Indirect Materials 40500 Indirect Labor 66000 Factory Supplies Used 34500 Factory Depreciation 142500 Factory Rent 102000 Other Factory Overhead 82500 Total Manufacturing Cost 1258500 Add : Beginning of Work in process Inventory 49500 Total Cost of Work in Process 1308000 Less : Ending of Work in process Inventory (43500) Cost of Goods Manufactured 1264500 Add : Beginning of Finish Goods Inventory 91500 Cost of Goods available for Sale 1356000 Less : Ending fo Finish Goods Inventory (94500) Cost of Goods sold 1261500

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