E4-1 Cost of good sold?
Total Manufacturing cost 110,000
Add: WIP (beg) 80,000
190,000
Less: WIP (end) (90,000)
Cost of goods manufactured 100,000
Add: Finished goods inventory (beg) 150,000
Cost of goods available for sale 250,000
Less: Finished goods inventory (end) (120,000)
Cost of good sold 130,000
E4-2 Cost of good sold?
Direct Material 90,000
Direct Labor 60,000
Factory Overhead 80,000
Total Manufacturing Cost 230,000
Add: WIP (beg) 250,000
480,000
Less: WIP (end) (210,000)
Cost of goods manufactured 270,000
Add: Finished goods inventory (beg) 340,000
Cost of goods available for sale 610,000
Less: Finished goods inventory (end) (300,000)
Cost of good sold 310,000
E4-2 Cost of good manufactured?
Cost of good sold?
Material:
Direct material inventory (beg) 37,500
Add: Purchases 160,000
Direct material available for use 197,500
Less: Direct material inventory (end) (43,500)
Direct material used 154,000
Direct Labor 120,000
Factory Overhead 108,000
Total Manufacturing Cost 382,000
Add: WIP (beg) 61,500
443,500
Less: WIP (end) (57,500)
Cost of goods manufactured 386,000
Add: Finished goods inventory (beg) 27,000
Cost of goods available for sale 413,000
Less: Finished goods inventory (end) (26,000)
Cost of good sold 387,000
1 Factory overhead incurred in may?
2 Cost of goods manufactured in may?
3 Ending balance in finished goods?
1 Factory overhead incurred in may?
Indirect labor 22,000
Factory heat, light and power 11,220
Factory rent 18,500
Factory insurance 2,000
Supplies used 16,920
Production supervisor's salary 5,000
Overtime premium 2,750
Total overhead 78,390
2 Cost of goods manufactured in may?
Material:
Direct material inventory (beg) 10,250
Add: Purchases 105,000
Direct material available for use 115,250
Less: Direct material inventory (end) (12,700)
Direct material consumed 102,550
Direcct labor (4250 x 22) 93,500
Factory overhead 78,390
Total manufacturing cost 274,440
Add: WIP (beg) 60,420
334,860
Less: WIP (end) (52,800)
Cost of goods manufactured 282,060
3 Ending balance in finished goods?
Add: Finished goods inventory (beg) 45,602
Cost of goods available for sale 327,662
Less: Finished goods inventory (end) (47,662)
Cost of good sold 280,000
WALLACE INDUSTRIES
Cost of Goods Manufactured Statement
For May
Direct Material:
Direct material (beg) 28,000
Add: Purchases 510,000
Add: Freight in 15,000
Direct material available for use 553,000
Less: Direct material (end) (23,000)
Direct material consumed 530,000
Direct Labor: 260,000
Factory overhead:
Indirect factory labor 90,000
Utilities 108,000
Property tax 60,000
Insurance 12,000
Depreciation 50,000 320,000
Total manufacturing cost 1,110,000
Add: WIP (beg) 150,000
1,260,000
Less: WIP (end) (210,000)
Cost of goods manufactured 1,050,000
WALLACE INDUSTRIES
Cost of Good Sold Statement
For Year Ended Dec 31, 20A
Material:
Purchases 400,000
Less:Discount (4,200) 395,800
Less: Material on hand, Dec 31 (24,000)
Direct material consumed 371,800
Direcct Labor: 180,000
Factory Overhead:
Factory maintenance 38,400
Supplies used 22,400
Factory power and heat 19,400
Insurance 4,800
Depreciation 17,500
Factory superintendance 100,000
Indirect factory labor 20,000 222,500
Manuacturing cost 774,300
Add:WIP (beg) 84,000
858,300
Less: WIP (end) (30,000)
Cost of goods manufactured 828,300
Add: Finished goods (beg) 37,500
Cost of goods available for sale 865,800
Less:Finished goods (end) (70,000)
Cost of good sold 795,800
