Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:
Inventories January 1 January 31
Materials $196,000 $176,400
Work in process135,240 121,720
Finished goods 99,960 118,190
Direct labor $352,800
Materials purchased during January 376,320
Factory overhead incurred during January:
Indirect labor 37,630
Machinery depreciation 22,740
Heat, light, and power 7,840
Supplies 6,270
Property taxes 5,490
Miscellaneous costs 10,190
a. Prepare a cost of goods manufactured statement for January.
Sandusky Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended January 31
Work in process inventory, January 1 $
Direct materials:
Materials inventory, January 1 $
Purchases
Cost of materials available for use $
Materials inventory, January 31
Cost of direct materials used in production $
Direct labor
Factory overhead:
Indirect labor $
Machinery depreciation
Heat, light, and power
Supplies
Property taxes
Miscellaneous costs
Total factory overhead
Total manufacturing costs incurred during January
Total manufacturing costs $
Work in process inventory, January 31
Cost of goods manufactured $
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b. Determine the cost of goods sold for January.
$

a. Cost of goods manufactured statement for January.

Work in process inventory, January 1                                  $ 135,240

Direct materials:

Materials inventory, January 1                     $ 196,000

Purchases                                                      $376,320

Cost of materials available for use             $ 572,320

Materials inventory, January 31                   ($176,400)

Cost of direct materials used in production                      $ 395,920

Direct labor                                                                           $352,800

Factory overhead:

Indirect labor                                                  $ 37,630

Machinery depreciation                                 $22,740

Heat, light, and power                                      $7,840

Supplies                                                            $6,270

Property taxes                                                  $5,490

Miscellaneous costs                                        $10,190

Total factory overhead                                                           $90,160

Total manufacturing costs incurred during January          $442,950

Total manufacturing costs                                                  $ 442,950

Work in process inventory, January 31                               ($121,720)

Cost of goods manufactured                                             $456,470

b. Determine the cost of goods sold for January.

Beginning Finished goods Inventory                                  $99,960

Add Cost of goods manufactured                                     $456,470

Less Ending Finished goods Inventory                              ($118,190)

Cost of goods sold                                                              $438,240

Explanation:

The Costs of Goods Manufactured is obtained from preparing a manufacturing cost schedule. This is an accumulation of all manufacturing costs.

The cost of goods sold is obtained by preparing Finished Goods Account or schedule as above.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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