Question

Find the cost of good manufactured based on the following data Revenue and expenses:                            &nb

Find the cost of good manufactured based on the following data

Revenue and expenses:                                                January 1 inventories:

      Purchases of raw materials            $170,000            Raw materials                                $ 30,000

      Direct labor                                   240,000            Work in process                                $ 45,000

      Indirect labor                                    40,000            Finished goods                            $105,000

      Rent – factory                                   84,000

      Depreciation – machinery                 35,000            December 31 inventories:

      Insurance – factory                           18,000            Raw materials                                $ 40,000

      Utilities – factory                                  2,500             Work in process                                $ 40,000

      Salespersons’ salaries                        72,000            Finished goods                             $123,000

      Maintenance – machinery                 12,000          

      Administrative salaries                      70,000

      Miscellaneous – factory                    26,000            Sales (Net)             945,000

      Miscellaneous – office                      40,000            Rent – Office           12,000

      Depreciation – office technology          2,500            Utilities – Office       2,000

Business   Accounting   
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Answer #1
Raw material opening inventory       30,000.00
Add: Purchases of raw material 1,70,000.00
Less: Raw material ending inventory       40,000.00
Raw material consumption 1,60,000.00
Direct labor 2,40,000.00
Indirect labor       40,000.00
Rent factory       84,000.00
Depreciation machinery       35,000.00
Insurance factory       18,000.00
Utilities factory         2,500.00
Maintenance machinery       12,000.00
Miscellaneous factory       26,000.00
Add: Opening work in process       45,000.00
Less: Closing work in process       40,000.00
Cost of goods manufactured 6,22,500.00
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