Question

# Glenville Company has the following information for April: Cost of direct materials used in production \$...

Glenville Company has the following information for April:

 Cost of direct materials used in production \$ 44,000 Direct labor 53,000 Factory overhead 33,000 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. 18,000

Work in process inventory, April 1 _________________

Cost of direct materials used in production __________________

Direct Labor __________________

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 _________

Solution a:

 Statement of Cost of Goods Manufactured Particulars Details Amount Work in Process Inventory, April 1 \$32,000.00 Cost of direct Material used in production \$44,000.00 Direct Labor \$53,000.00 Factory Overhead \$33,000.00 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

Solution b:

 Statement of Cost of Goods Sold Particulars Amount 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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