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Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for F. Mills Manufacturing...

Statement of Cost of Goods Manufactured for a Manufacturing Company

Cost data for F. Mills Manufacturing Company for the month ended May 31, 2014, are as follows:

Inventories May 1 May 31
Materials $177,000 $159,300
Work in process 116,820 105,140
Finished goods 93,810 106,730


Direct labor $318,600
Materials purchased during May 339,840
Factory overhead incurred during May:
Indirect labor 33,980
Machinery depreciation 20,530
Heat, light, and power 7,080
Supplies 5,660
Property taxes 4,960
Miscellaneous costs 9,200

a. Prepare a cost of goods manufactured statement for May 2014.

b. Determine the cost of goods sold for May 2014.

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Answer #1

a. Prepare a cost of goods manufactured statement for May 2014.

Beginning raw material inventory 177000
Materials purchased 339840
Less: Ending raw material inventory (159300) 357540
Direct labour 318600
Manufacturing overhead
Indirect labour 33980
Machinery depreciation 20530
Heat, light, and power 7080
Supplies 5660
Property taxes 4960
Miscellaneous costs 9200 81410
Total manufacturing cost 757550
Beginning work in process 116820
Total work in process 874370
Less: Ending work in process (105140)
Cost of goods manufactured 769230

b. Determine the cost of goods sold for May 2014.

Cost of goods sold = Beginning finished goods+cost of goods manufactured-ending finished goods

= 93810+769230-106730

Cost of goods sold = 756310

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