Statement of Cost of Goods Manufactured for a Manufacturing

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 Materials Work in process Finished goods January 1 $216,500 147,220 112,580 January 31 $184,030 125,140 125,140 Direct labor Materials purchased during January Factory overhead incurred during January: $389,700 415,680 41,570 25,110 8,660 6,930 6,060 11,260 a. Prepare a cost of goods manufactured statement for January Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 Work in process inventory,January 1 Direct materials:

Solution

Question a

Cost of goods manufactured statement for january

Question b

Cost of goods sold during the january

= Opening finished goods + Cost of goods manufactured during Jan. - Clos. finished goods

= $112,580 + $959,520 - $125,140

= $946,960

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	Amount	Amount	Amount
Direct labor		$389,700
Direct material:
Work in process inventory, January 1			$147,220
Direct material:
Raw material on January 1 (Opening)	$216,500
Add: Purchases during January	$415,680
Raw material available	$632,180
Less: Raw material on January 31 (Closing)	$184,030
Raw material transfered to production		$448,150
Factory overhead
Indirect labor	$41,570
Machinery depreciation	$25,110
Heat, Light, and Power	$8,660
Supplies	$6,930
Property tax	$6,060
Miscellaneous costs	$11,260
Total Factory ovrhead		$99,590
Total Manufacturing cost incurred during the month			$937,440
Total manufacturing cost			$1,084,660
Less: Work in process, January 31			$125,140
Cost of goods manufactured			$959,520