Question

The following data have been provided from the Morgan Manufacturing Company for the most recent period:...

The following data have been provided from the Morgan Manufacturing Company for the most recent period:

Sales................................................................................

$30,000

Purchases of raw materials..............................................

$9,000

Raw materials inventory, ending....................................

$1,050

Raw materials inventory, beginning

$1,400

Utilities on factory……………………………………...

$3,300

Direct labor.....................................................................

$3,00

Administrative expense...................................................

$2,000

Selling expenses..............................................................

$1,200

Work in process inventory, beginning............................

$900

Salary of factory Supervisor...........................................

$4,500

Work in process inventory, ending.................................

$1,200

Finished goods inventory, beginning..............................

$1,100

Finished goods inventory, ending...................................

$1,300

Required: Calculate the cost of goods sold

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Answer #1

Answer

calculation of cost of goods sold

raw materials consumed :

beg: raw materials $1400

add: purchases 9000

less: ending raw materials (1050) $ 9350

direct labor 300

prime cost...................................................9650

add: factory cost :

utilities 3300

salary to factory supervisor 4500

gross factory cost......................................17450

add. beg WIP 900

less: ending WIP (1200)

net factory cost 17150

add: admin expenses 2000

cost of production ....................................19150

add : beg finished goods 1100

less : ending finished goods (1300)

cost og goods sold ..................................18950

add: selling expenses 1200

total cost................................................20150

sales ........................................................30000

profit ......(30000-20150)..........................9850

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