Cost of Goods Manufactured and Sold Anglin Company a manufac

Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost Purchases of direct materials Freight-in on materials Factory supplies used Factory utilities Commissions paid Factory supervision and indirect labor Advertising Materials handling Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, January 1 Direct materials inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Required: $495,900 378,890 7,500 18,500 54,000 78,983 165,000 145,600 16,900 201,000 117,400 37,200 34,600 59,200 62,700 Check My Work

Solution

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Statement of cost of goods manufactured
Direct material
Direct material inventory jan 1	37200
Purchase of direct material	378890
Freight in on material	7500
material available for use	423590
less:Direct material inventory december31	(34600)
Direct material used in production		388990
Direct labor cost		495900
manufacturing overhead
Factory supplies used	18500
Factory utilities	54000
Factory supervision and indirect labor	165000
material handling	16900
Total overhead cost		254400
Total manufacturing cost added		1139290
work in process ,jan 1		201000
work in process december 31		(117400)
cost of goods manufactured		1222890