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 $177,000 $159,300 Work in process 116,820 105,140 Finished goods 93,810 106,730

Explanation / Answer

a. Prepare a cost of goods manufactured statement for May 2014.

b. Determine the cost of goods sold for May 2014.

Beginning work in process 116820 Direct material Beginning raw material inventory 177000 Materials purchased 339840 516840 Less: Ending raw material inventory (159300) 357540 Direct labour 318600 Factory overhead Indirect labour 33980 Machinery depreciation 20530 Heat, light, and power 7080 Supplies 5660 Property taxes 4960 Miscellaneous costs 9200 81410 Total manufacturing cost incurred during may 757550 Total manufacturing cost 874370 Less: Ending work in process (105140) Cost of goods manufactured 769230

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