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PROBLEM III From the information given, prepare a statement of cost of goods manufactured. During August,...

PROBLEM III
From the information given, prepare a statement of cost of goods manufactured.


During August, Radio Company’s purchases of direct materials totaled $139,000: direct labor for the month was 3,400 hours at $8.75 per hour, Radio also incurred the following overhead costs: utilities $5,870, supervision $16,600; indirect material, $6,750; depreciation $6,200; insurance $1,830; miscellaneous $1,100
Beginning inventory accounts were as follows: Material Inventory $48,600; Work in Process Inventory $54,250; and Finished Goods Inventory $38,500. Ending inventory accounts were as follows: Material Inventory $50,100; Work In Progress Inventory $48,400; and Finished Goods Inventory $37,450.

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Answer #1
Schedule of Cost of Goods manufactured:
Beginning WIP 54250
Current cost of Manufacturing:
Material consumed:
Beginning Inventory 48600
Add: Purchase 139000
Cost of Material available 187600
Less: Ending Inventory 50100
Material consumed: 137500
Direct Labour 29750
Overheads cost incurred:
Utilities 5870
Supervision 16600
Indirect Material 6750
Depreciation 6200
Insurance 1830
Mmisc expense 1100
Total OH incurred 38350
Total cost of manufacturing added during period 205600
Total cost of goods manufacturing 259850
Less: Ending invntory of WIP 48400
Cost of Goods manufactured 211450
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