Scribd
Upload
50 views3 pages

COST OF GOODS - WPS Office

The document outlines the calculation of the Cost of Goods Sold for a manufacturing company, detailing the components such as raw materials, direct labor, and manufacturing overhead. It includes instructions for classifying various factory costs and expenses into categories like Direct Materials, Direct Labor, and Manufacturing Overhead. Additionally, it provides a schedule for filling in missing amounts related to the cost of goods manufactured for Miley Manufacturing Company.

Uploaded by

Asniah M. Rataban
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
50 views3 pages

COST OF GOODS - WPS Office

The document outlines the calculation of the Cost of Goods Sold for a manufacturing company, detailing the components such as raw materials, direct labor, and manufacturing overhead. It includes instructions for classifying various factory costs and expenses into categories like Direct Materials, Direct Labor, and Manufacturing Overhead. Additionally, it provides a schedule for filling in missing amounts related to the cost of goods manufactured for Miley Manufacturing Company.

Uploaded by

Asniah M. Rataban
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 3

COST OF GOODS SOLD OF A MANUFACTURING CONCERN

RAW MATERIALS BEG. INVENTORY XXX


ADD: RAW MATERIALS PURCHASES XXX
RAW MATERIALS AVAILABLE FOR USE XXX
LESS: RAW MATERIALS ENDING INVENTORY (XX)
RAW MATERIALS USED XXX
ADD: DIRECT LABOR XXX
FACTORY OVERHEAD XXX
TOTAL MANUFACTURING COST XXX
ADD: WORK IN PROCESS BEG INVENTORY XXX
TOTAL PLACED IN PROCESS XXX
LESS: WORK IN PROCESS END INVENTORY (XX)
COST OF GOODS MANUFACTURED XXX
ADD: FINISHED GOOD BEG. INVENTORY XXX
TOTAL GOODS AVAILABLE FOR SALE XXX
LESS: FINISHED GOODS ENDING INVENTORY (XX)
TOTAL COST OF GOODS SOLD XXX
ASSIGNMENTS:
Presented below is a list of costs and expenses incurred in the factory by Nu-Way Corporation, a
manufacturer of recreational vehicles.

____ 1. Property taxes on the factory land


____ 2. Metal used in manufacturing
____ 3. Cabinet maker's wages
____ 4. Nails and glue used in production
____ 5. Factory supervisorssalaries
____ 6. Depreciation on factory machines
____ 7. Factory utilities
____ 8. Carpeting for the recreational vehicles
____ 9. Property taxes on the factory building
____ 10. Insurance on factory equipment
Instructions
Classify the above items into the following categories:
DM — Direct Materials
DL — Direct Labor
MO — Manufacturing Overhead
For each item, identify all applicable cost labels. Use the following code in your answer:
1 — Prime Cost
2 — Conversion Cost
3 — Product Cost
4 — Period Cost
a. Advertising ______________
b. Direct materials used _______________
c. Sales salaries ____________________
d. Indirect factory labor ___________________
e. Repairs to office equipment _______________
f. Factory manager's salary _______________
g. Direct labor used _________________
h. Indirect materials __________________
Manufacturing costs for Carson Company for selected months are as follows:

April July October

Beginning work in process $ 80,000 (f) $ 98,000

Direct materials used 280,000 $190,000 155,000

Direct labor 195,000 170,000 (j)

Manufacturing overhead (a) 150,000 90,000

Total manufacturing costs 870,000 510,000 430,000

Total cost of work in process (b) 640,000 (k)

Ending work in process 75,000 (g) (l)

Cost of goods manufactured (c) 505,000 385,000

Beginning finished goods (d) 38,000 (m)

Cost of goods available for sale 960,000 (h) 480,000

Ending finished goods (e) 75,000 (n)

Cost of goods sold 820,000 (i) 355,000

Instructions

Indicate the missing amounts. (Show computations.)

Fill in the missing information on the cost of goods manufactured schedule of Miley Manufacturing
Company:

MILEY MANUFACTURING COMPANY


Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2022
Work in process (1/1) $320,000

Direct materials

Raw materials inventory (1/1) $ ?

Raw materials purchases 246,000


Raw materials available for use ?

Raw materials inventory (12/31) 37,000

Direct materials used $235,000

Direct labor ?

Manufacturing overhead

Indirect labor 19,000

Factory depreciation 38,000

Factory utilities 39,000

Total overhead ?

Total manufacturing costs ?

Total cost of work in process ?

Less: Work in Process (12/31) 292,000

Cost of goods manufactured $440,000

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy