Question

A manufacturing company in Gauteng provided the following data for January 2015 inventories Beginning End Rand...

A manufacturing company in Gauteng provided the following data for January 2015

inventories

Beginning

End

Rand

Rand

Raw material

52500

57000

Finished goods

55 500

66000

The following additional information is provided

Raw materials purchased during January 2015

R109 500

Cost of goods manufactured

R219000

What was the cost of the raw material used in production during January? Show all your calculations

What was the cost of goods sold for January 2015? Show all your calculations

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Answer #1
1
Raw materials inventory, beginning 52500
Add: Purchases of raw materials 109500
Total raw materials available 162000 (52500+109500)
Deduct: Raw materials inventory, ending 57000
Cost of Raw materials used in production 105000 (162000-57000)
2
Finished goods inventory, beginning 55500
Add: Cost of goods manufactured 219000
Cost of goods available for sale 274500 (55500+219000)
Deduct: Finished goods inventory, ending 66000
Cost of goods sold for January 2015 208500 (274500-66000)
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