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Homework Oct 20

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8 views2 pages

Homework Oct 20

Uploaded by

cjzgdhc2kf
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as ODS, PDF, TXT or read online on Scribd
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Cost of Goods Manufactured Schedule

Work in process inventory Jan 1 18,000


Direct materials
Raw material inventory Jan 1 15,000
Raw materials purchased 138,000
Raw material inventory Dec 31 20,000
Direct materials used 133,000
Direct labor 175,000
Manufacturing overhead
Indirect labor 19,000
Indirect materials 14,000
Deprecation- administration 22,000
Deprecation-factory 30,000
Deprecation-selling 17,000
Factory rent 18,000
Other factory overhead 26,000
Total manufacturing overhead 146,000

Total manufacturing cost 454,000


Total cost of work in process 141,000
Work in process, Dec 31 20,000
Cost of goods manufactured 452,000

Total Manufacuring Cost Schedule

Direct materials
Material inventory Jan 1 12,500
Materials purchased 18,750
Material inventory Dec 31 6,250
Direct materials used 25,000

Direct labor 128,750


Manufacturing overhead
Indirect materials 21,700
Other production overhead 233,280
Factory rent 46,460
Machinery rent 28,660
Total manufacturing overhead 330,100

Total manufacturing costs 483,850


Production cost per unit 19.354

Income statement
Sales ###
Cost of goods sold -483,850
Gross profit 516,150
Operating expenses
Selling expenses -300,000
Administration expenses -200,000
Rent factory
Rent machinery
Total expenses -500,000

Net income 16,150


$40 per unit

Journal entries Debit Credit


March 6.
Direct labor 5,000
Indirect labor 1,000
March 8.
Materials 7,000
March 10.
Finished goods 11,000
Indirect materials 500
Direct materials 2,000
March 12.
Product sale 750
March 15.
Manufacturing overhead 3,000
March 21.
Material paid cash -250
Cash 250
March 27.
Product sale 1,050

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