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Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company...

Statement of cost of goods manufactured for a manufacturing company

Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows:

Inventories March 1 March 31
Materials $192,000 $176,540
Work in process 398,530 466,630
Finished goods 535,960 563,080

Direct labor $3,200,000
Materials purchased during March 2,437,660
Factory overhead incurred during March:
Indirect labor 292,570
Machinery depreciation 192,000
Heat, light, and power 160,000
Supplies 31,900
Property taxes 27,420
Miscellaneous costs 41,780

Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar.

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Answer #1
particulars amount($)
opening stock of rawmaterials 192000
add:materials purchased during the year 2437660
less:closing stock of materials 176540
cost of materails used in production 2453120
direct labour 3200000
manufacturing overheads:-
indirect labour 292570
machinery depreciation 192000
heat,light and power 160000
supplies 31900
property taxes 27420
miscellaneous costs 41780 745670
total manufacturing costs 6398790
add:opening work in process stock 398530
less:closing stock of work in process 466630
cost of goods manufactured for the of march 6330690
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