Question

Cost of Goods Manufactured Slapshot Company makes ice hockey sticks. During the month of June, the...

Cost of Goods Manufactured

Slapshot Company makes ice hockey sticks. During the month of June, the company purchased $128,000 of materials. Also during the month of June, Slapshot Company incurred direct labor cost of $177,000 and manufacturing overhead of $237,000. Inventory information is as follows:

June 1 June 30
Materials $48,000   $45,000  
Work in process 65,000   63,000  

Required:

  Calculate the cost of goods manufactured for the month of June.

caluclate late the cost of one hockey stick assuming that 1,900 sticks were completed during June. Round your answer to the nearest cent.
per hockey stick

Cost of Goods Sold

Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $536,000. Suppose that on June 1, Slapshot had 660 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000.

. Prepare a cost of goods sold statement for the month of June.

Slapshot Company
Cost of Goods Sold Statement
For the Month of June
$fill in the blank e04f39f5d01b004_2
fill in the blank e04f39f5d01b004_4
fill in the blank e04f39f5d01b004_6
$fill in the blank e04f39f5d01b004_8

  Calculate the number of sticks that were sold during June.

Homework Answers

Answer #1

1) Cost of goods manufactured

Beginning material 48000
Material purchase 128000
Less: Ending material -45000
Material used 131000
Direct labor 177000
Manufacturing overhead 237000
Total manufacturing cost 545000
Beginning WIP 65000
Less: Ending WIP -63000
Cost of goods manufactured 547000

Cost of one hockey sticks = 547000/1900 = 287.89

2) Prepare a cost of goods sold statement for the month of June.

Slapshot Company
Cost of Goods Sold Statement
For the Month of June
Beginning finished goods 160000
Cost of goods manufactured 536000
Ending finished goods -215000
cost of goods sold 481000

Sale unit = 660+900-930 = 630 Units

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