Cost data for Sandusky Manufacturing Company for the month e

Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows Inventories January 1 January 31 305,000 $277,200 238,600 190,500 Work in process 214,200 Finished goods 162,800 Direct labor Materials purchased during the month Factory overhead incurred during the month January 31 $562,000 607,000 Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 60,600 36,000 12,900 8,100 8,720 16,300 Required a. Prepare a cost of goods manufactured statement for January Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign

Solution

Statement of Cost of Goods Manufactured Work in process inventory, Jan 1 214200 Direct Material Material as on Jan 1 305000 Add Material Purchased 607000 Cost of Direct Material Available 912000 Less Material jan 31 277200 Cost of Direct Material used 634800 Direct labor 562000 Factory overhead: Indirect labor 60600 Machinery depreciation 36000 Heat, light, and power 12900 Supplies 8100 Property taxes 8720 Miscellaneous costs 16300 Total factory overhead 142620 Total manufacturing costs incurred during jan 1339420 Total manufacturing costs 1553620 Less work in process inventory, 238600 Cost of goods manufactured 1315020 Cost of Goods Sold Finished goods inventory jan 1 162800 ADD Cost of goods manufactured 1315020 Cost of goods available for sales 1477820 Less Finished goods inventory jan 31 190500 Cost of Goods Sold 1287320