Question

The following data (in thousands of dollars) have been taken from the accounting records of Karling...

The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year.

Sales $990
Raw materials inventory, beginning $40
Raw materials inventory, ending $70
Purchases of raw materials $120
Direct labour $200
Manufacturing overhead $230
Administrative expenses $150
Selling expenses $140
Work in process inventory, beginning $70
Work in process inventory, ending $50
Finished goods inventory, beginning $120
Finished goods inventory, ending $160



The cost of goods sold for the year (in thousands of dollars) was:

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Answer #1

Calculation of COGS :

  total cost ( in thousands of $)

Direct material consumed:

opening stock of raw material 40

(+)purchase of raw material 120

(-)closing stock of raw material 70    90  

(+)direct labour 200

Prime cost 290

(+)manufacturing overheads 230

Gross factory cost 520

+ opening stock of wip 70

- closing stock of wip 50  

  Net factory cost 540

(+)Administrative expenses 150  

  Cost of production 690

+ opening stock of finished goods 120

- closing stock of finished Goodson 160

Cost of goods sold 650

  

  

  

  

  

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