Glenville Company has the following information for April:
|Cost of direct materials used in production||$||44,000|
|Work in process inventory, April 1||32,000|
|Work in process inventory, April 30||44,000|
|Finished goods inventory, April 1||25,000|
Finished goods inventory, April 30
a) For April, determine the cost of goods manufactured.
Using the data given, prepare a statement of Cost of Goods Manufactured.
Work in process inventory, April 1 _________________
Cost of direct materials used in production __________________
Direct Labor __________________
Factory Overhead __________________
Total manufacturing costs incurred in April ___________________
Total manufacturing costs ____________
Work in process inventory, April 30 _____________
Cost of goods manufactured _________________
b) For April, determine the cost of goods sold.
Using the data given, prepare a statement of Cost of Goods Sold.
Finish Goods Inventory, April 1 ________________
Cost of Goods Manufactured ___________
Cost of Finished Goods available for Sale ___________
Finished Goods Inventory, April 30 _______________
Cost of Goods Sold _________
|Statement of Cost of Goods Manufactured|
|Work in Process Inventory, April 1||$32,000.00|
|Cost of direct Material used in production||$44,000.00|
|ADD: Total manufacturing costs incurred in April||$130,000.00|
|Total manufacturing costs||$162,000.00|
|Less: Work in Process Inventory, April 30||$44,000.00|
|Cost of goods manufactured||$118,000.00|
|Statement of Cost of Goods Sold|
|Finished Goods Inventory April 1||$25,000.00|
|Add: Cost of goods manufactured||$118,000.00|
|Cost of Finished goods available for sale||$143,000.00|
|Less: Finished Goods Inventory April 30||$18,000.00|
|Cost of Goods Sold||$125,000.00|
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