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Calculate cost of goods manufactured and cost of goods sold expense using T-accounts. Prepare an Excel...

Calculate cost of goods manufactured and cost of goods sold expense using T-accounts. Prepare an Excel spreadsheet. Refer back to Excel spreadsheet in Ch. 18 Study Materials. Use formulas and cell references. Be sure to view the Excel formulas in that file. Use Excel formulas when appropriate. Submit through Canvas Assignments. DATA for the current month of April 2018: Beginning Ending Materials Inv. $174,750 $152,030 WIP Inventory $118,830 $103,380 Finished Goods Inv. $89,120 $104,900 Other manufactruing costs: Direct labor for April $314,550 Materials purchased in April $335,520 Factory overhead incurred in April $80,380

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Cost of goods manufactured and cost of goods sold expense using T-accounts are as prepared below:

Raw Material Inventory
Particulars Amount Particulars Amount
Beg inventory 174,750 Work in process inventory 358,240
Purchases 335,520
510,270 358,240
Ending balance 152,030
Work in process inventory
Particulars Amount Particulars Amount
Beg Balance 118,830 Cost of goods manufactured 768,620
Direct Material 358,240
Direct Labour 314,550
Factory Overhead 80,380
872,000 768,620
Ending balance 103,380
Finished goods inventory
Particulars Amount Particulars Amount
Beg Balance 89,120 Cost of goods sold 752,840
Cost of goods manufactured 768,620
857,740 752,840
Ending balance 104,900
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