Listed below are the Blamo Company balances for the month ending August 31, 2018

Question

Listed below are the Blamo Company balances for the month ending August 31, 2018.  

Required:

1) Cost of Goods Manufactured Schedule for August 2018

2) Cost of Goods Sold Schedule for August 2018

Work-in-process inventory (August 1) $ 152,780
Work-in-process inventory (August 31) 193,458
Finished goods inventory (August 1) 562,489
Finished goods inventory (August 31) 508,487
Direct materials used 352,147
Indirect materials used 82,000
Direct manufacturing labor 473,657
Indirect manufacturing labor 178,657
Property taxes on manufacturing plant building 25,487
Salespersons' company vehicle costs 11,879
Depreciation of manufacturing equipment 261,782
Depreciation of office equipment 129,457
Miscellaneous plant overhead 132,746
Plant utilities 90,687
General office expenses 315,685
Marketing distribution costs 34,654

Explanation / Answer

Blamo Company Cost of goods manufactured Schedule For the month ended August 31 ,2018 Direct materials used $352,147 Direct Labour 473,657 Manufacturing overhead: Indirect materials used                82,000 Indirect Labour            178,657 Property taxes on manufacturing plant building                25,487 Depreciation expense- Factory equipment            261,782 Plant utilities                90,687 Miscellaneous plant over head            132,746 Total Overhead costs               771,359 Total Manufacture costs            1,597,163 Add : Beginning Work In progress, August 1               152,780            1,749,943 Less :Ending Work In progress, August 31             -193,458 Cost Goods Manufactured            1,556,485 Blamo Company Cost of goods sold Schedule For the month ended August 31 ,2018 Cost Goods Manufactured            1,556,485 Add : Finished Goods inventory, August 1               562,489 Finished Goods Available for Sale            2,118,974 Less: Finished Goods inventory, August 31             -508,487 Cost of Goods Sold 1,610,487

Related Questions

Navigate

• Browse (All)
• Browse L
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.