Question

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

TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just-completed year.
Sales ..........................................................................$1,950
Raw materials inventory, beginning ..........................$50
Raw materials inventory, ending ................................$30
Purchases of raw materials ........................................$360
Direct labor ..................................................................$120
Manufacturing overhead ..........................................$175
Administrative expenses ............................................$100
Selling expenses ..........................................................$140
Work-in-process inventory, beginning .....................$50
Work-in-process inventory, ending ...........................$70
Finished goods inventory, beginning ......................$200
Finished goods inventory, ending ............................$105

Use these data to prepare (in thousands of dollars) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the year. In addition, elaborate on the relationship between these schedules as they relate to the flow of product costs in a manufacturing company.

Homework Answers

Answer #1

Schdule of cost of goods manufactured :

Beginning work in process 50
Beginning raw material 50
Raw material purchase 360
Total raw material available for use 410
Less: Ending raw material -30
Direct material used 380
Direct labour 120
Manufacturing overhead 175
Total manufacturing cost 675
Total Cost of work in process 725
Less: Ending work in process -70
Cost of goods manufactured 655

Schedule of cost of goods sold

Beginning finished goods 200
Cost of goods manufactured 655
Total goods available for sale 855
Less; Ending finished goods -105
Cost of goods sold 750
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