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 Bourne 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) $210,000 Administrative rent (non-factory) 105,000 Advertising and promotion expense 123,000 Depreciation-administrative 66,000 Depreciation-factory 90,000 Depreciation-selling 51,000 Direct labor 525,000 Factory rent 54,000 Factory supplies used 36,000 Finished goods inventory (January 1) 171,000 Finished goods inventory (December 31) 156,000 Indirect material used 42,000 Indirect labor 57,000 Materials inventory (January 1) 39,000 Materials inventory (December 31) 60,000 Net delivered cost of materials purchased 414,000 Other factory overhead 78,000 Sales 2,535,000 Sales salaries expense 216,000 Work in process inventory (January 1) 54,000 Work in process inventory (December 31) 93,000

Explanation / Answer

direct material Beginning materials iventory 39,000 cost of materials purchased 414,000 cost of material available 453,000 less ending materials inventory 60,000 total materials used 393,000 less indirect materials used 42,000 Direct materials used 351,000 direct labor 525,000 manufacturing overhead Indirect material 42,000 indirect labor 57,000 Factory supplies used 36,000 Factory depreciation 90,000 Factory rent 54,000 other factory overhead 78,000 total manufacturing overhead 357,000 total manufacturing costs for the year 1,233,000 Add:beginning work in process inventory 54,000 total cost of work in process during the year 1,287,000 less:ending work in process inventory 93,000 cost of goods manufactured 1,194,000 Add:Beginning finished goods inventory 171,000 cost of goods available for sale 1,365,000 less:ending finished goods inventory 156,000 cost of goods sold 1,209,000

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