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.
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Blue Sea Company |
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Calculation of Direct Materials Used |
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For Current Year |
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Plus: |
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Less: |
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Direct materials used |
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Choose from any list or enter any number in the input fields and then click Check Answer.
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Data Table
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Beginning |
End of |
End of |
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of Year |
Year |
Year |
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Raw materials inventory. . . . . . . . |
$23,000 |
$26,000 |
Insurance on plant. . . . . . . . . . . . . . . . . . . . . . . . |
$8,500 |
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Work in process inventory. . . . . . |
$37,000 |
$35,000 |
Depreciation-plant building and equipment. . . . |
$12,700 |
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Finished goods inventory. . . . . . . |
$21,000 |
$29,000 |
Repairs and maintenance-plant. . . . . . . . . . . . . |
$4,100 |
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Purchases of direct materials. . . . |
$75,000 |
Marketing expenses. . . . . . . . . . . . . . . . . . . . |
$76,000 |
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Direct labor. . . . . . . . . . . . . . . . |
$86,000 |
General and administrative expenses. . . . . . . . . |
$25,500 |
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Indirect labor. . . . . . . . . . . . . . . . . |
$38,000 |
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