Question

ompute the Cost of Goods Manufactured and Cost of Goods Sold for Blue SeaBlue Sea Company...

ompute the Cost of Goods Manufactured and Cost of Goods Sold for

Blue SeaBlue Sea

Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials.

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Start the calculation for cost of goods manufactured by calculating the direct materials used.

Blue Sea Company

Calculation of Direct Materials Used

For Current Year

Plus:

Less:

Direct materials used

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Data Table

Beginning

End of

End of

of Year

Year

Year

Raw materials inventory. . . . . . . .

$23,000

$26,000

Insurance on plant. . . . . . . . . . . . . . . . . . . . . . . .

$8,500

Work in process inventory. . . . . .

$37,000

$35,000

Depreciation-plant building and equipment. . . .

$12,700

Finished goods inventory. . . . . . .

$21,000

$29,000

Repairs and maintenance-plant. . . . . . . . . . . . .

$4,100

Purchases of direct materials. . . .

$75,000

Marketing expenses. . . . . . . . . . . . . . . . . . . .

$76,000

Direct labor. . . . . . . . . . . . . . . .

$86,000

General and administrative expenses. . . . . . . . .

$25,500

Indirect labor. . . . . . . . . . . . . . . . .

$38,000
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