Would you put together a Cost of Goods Manufactured Statement for the following

Question

Would you put together a Cost of Goods Manufactured Statement for the following information?

On September 10 of the current year, all the inventory of Rawls Manufacturing was destroyed in a storm. We need help with the insurance claims on the company's losses. The following information was taken from a computer saved from the storm.

Inventories on August 31:

Materials inventory 20,000

Work in process inventory 4,000

Fininished goods inventory 14,000

Manufacturing activity from September 1 to 10:

Direct material requisitions 70,000

Direct materials purchased 66,000

Cost of goods sold 150,000

Prime costs used 80,000

Cost of goods manufactured 148,000

The overhead rate is 110% of direct materials costs.

Thank you!

Update:

All the quantities and rates are listed above. This is a problem given to our class by the instructor in a graduate level cost account ing class or course as a homework problem.  

Explanation / Answer

Rawls manufacturing Cost of Goods sold manufactured Statement As on September, 10 Particulars Amt.($) Amt.($) Direct Material Used: Beginning material inventory           20,000 Add: Material Purchased           66,000 Less: Ending material inventory           16,000 Total material used           70,000 Direct Labor           10,000        Prime cost           80,000 Add: Overhead (110% of Direct material costs)           77,000    Total Manufacturing Cost        157,000 Add: Beginning Work in progress inventory             4,000        161,000 Less: Ending Work in progress inventory           13,000    Cost of Goods manufactured        148,000 Add: Beginning Finished Good inventory           14,000        162,000 Less: Ending Finished Good inventory           12,000    Cost of Goods Sold        150,000

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