Question

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 __________________

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 _________

Answer 1

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