Question

From the following data, prepare a statement of cost of goods manufactured for the year ended...

From the following data, prepare a statement of cost of goods manufactured for the year ended June 30, 2019:

Factory depreciation.................................................... $ 12,000  

Direct materials issued............................................... $ 50,000

Direct labor...................................................................... $ 80,000

Indirect labor................................................................... $ 42,000  

Sales salaries................................................................... $ 48,000

Factory supplies used.................................................. $   5,000  

Factory utilities............................................................. $ 24,000

Factory property taxes............................................... $ 11,000  

Work in process inventory on July 1, 2018........ $ 22,000

Work in process inventory on June 30, 2019.... $ 24,000  

Finished goods inventory on July 1, 2018.......... $ 34,000

Finished goods inventory on June 30, 2019...... $ 38,000

Factory repairs............................................................... $ 8,000

Factory insurance......................................................... $ 2,000

Follow-up question:

What is Cost of Goods Sold for the period ending June 30, 2019.

Business   Accounting   
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Answer #1

Cost of goods sold

Direct material 50000
Direct labor 80000
Factory overhead
Factory Depreciation 12000
Indirect labor 42000
Factory supplies 5000
Factory utilities 24000
Factory property tax 11000
Factory repairs 8000
Factory insurance 2000
Total manufacturing overhead 104000
Total manufacturing cost 234000
Beginning work in process 22000
Total Cost of work in process 256000
Less: Ending work in process -24000
Cost of goods manufactured 232000
Beginning finished goods 34000
Cost of goods available for sale 266000
Less: Ending finished goods -38000
Cost of goods sold 228000
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