Homework SourseStatement of Cost of Goods Manufactured for a Manufacturing
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 |
Solution
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 |
