Question

Sydney Sussex Street (SSS) company’s business books contain the following pieces of information for the year...

Sydney Sussex Street (SSS) company’s business books contain the following pieces of information for the year 2019.

Total Direct labor cost

$227,900

Total Manufacturing overhead cost

460,900

Total cost of Direct materials used

102,900

Finished goods Opening inventory, 1/1/2019

496,900

Finished goods Closing inventory, 12/31/2019

543,900

Work in process Opening inventory, 1/1/2019

294,900

Work in process Closing inventory, 12/31/2019

319,900

Work out, showing all necessary calculations, SSS’s Cost of Goods Sold (CGS) ; AND,

Cost of Goods Manufactured for 2019.

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Answer #1
Particulars Amount Amount
Work in process Opening inventory, 1/1/2019 294,900

Total Direct labor cost

$227,900

Total Manufacturing overhead cost

460,900

Total cost of Direct materials used

102,900
Total manufacturing cost incurred in 2019 791,700
Total manufacturing cost 1,086,600
Less: Work in process Closing inventory, 12/31/2019 319,900
Cost of Goods Manufactured for 2019 766,700

Add: Finished goods Opening inventory, 1/1/2019

 496,900
Cost of goods available for sale 1,263,600

Less: Finished goods Closing inventory, 12/31/2019

 543,900

Cost of Goods Sold (CGS)

 719,700
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