50.1K

Verified Solution

Link Copied!

Statement of Cost of Goods Manufactured for a ManufacturingCompany

Cost data for Disksan Manufacturing Company for the month endedJanuary 31 are as follows:

Inventories	January 1		January 31
Materials	$169,750		$144,290
Work in process	112,040		95,230
Finished goods	88,270		96,670

Direct labor		$305,550
Materials purchased during January		325,920
Factory overhead incurred during January:
	Indirect labor	32,590
	Machinery depreciation	19,690
	Heat, light, and power	6,790
	Supplies	5,430
	Property taxes	4,750
	Miscellaneous costs	8,830

a. Prepare a cost of goods manufacturedstatement for January.

Disksan Manufacturing Company
Statement of Cost of GoodsManufactured
For the Month Ended January31
Work in process inventory, January 1			$112,040
Direct materials:
Materials inventory, January 1	$
Purchases	325,920
Cost of materials available for use	$
Less materials inventory, January 31	144290
Cost of direct materials used		$
Direct labor			305550
Factory overhead:
Indirect labor	$32,590
Machinery depreciation	19,690
Heat, light, and power	6,790
Supplies	5,430
Property taxes	4,750
Miscellaneous costs	8,830
Total factory overhead			78,080
Total manufacturing costs incurred during January
Total manufacturing costs			$
Less work in process inventory, January 31			95230
Cost of goods manufactured			$

b. Determine the cost of goods sold forJanuary.
$

___________________________________________________________________________________________________________________________________________________

Manufacturing Income Statement, Statement of Cost of GoodsManufactured

Several items are omitted from the income statement and cost ofgoods manufactured statement data for two different companies forthe month of December.

	On Company		Off Company
Materials inventory, December 1	$66,090		$83,930
Materials inventory, December 31	(a)		94,840
Materials purchased	167,870		(a)
Cost of direct materials used in production	177,120		(b)
Direct labor	249,160		188,840
Factory overhead	77,330		94,000
Total manufacturing costs incurred in December	(b)		543,030
Total manufacturing costs	630,500		745,300
Work in process inventory, December 1	126,890		202,270
Work in process inventory, December 31	107,070		(c)
Cost of goods manufactured	(c)		537,990
Finished goods inventory, December 1	111,690		94,000
Finished goods inventory, December 31	116,980		(d)
Sales	974,170		839,300
Cost of goods sold	(d)		543,030
Gross profit	(e)		(e)
Operating expenses	126,890		(f)
Net income	(f)		186,320

Required:

1. Determine the amounts of the missing items,identifying them by letter. Enter all amounts as positivenumbers.

Letter	On Company	Off Company
a.	$	$
b.	$	$
c.	$	$
d.	$	$
e.	$	$
f.	$	$

2. Prepare On Company's statement of cost ofgoods manufactured for December.

On Company
Statement of Cost of Goods Manufactured
For the Month Ended December 31
Work in process inventory, December 1			$
Direct materials:
Materials inventory, December 1	$
Purchases
Cost of materials available for use	$
Less materials inventory, December 31
Cost of direct materials used in production		$
Direct labor
Factory overhead
Total manufacturing costs incurred during December
Total manufacturing costs			$
Less materials inventory, December 31
Cost of goods manufactured			$

3. Prepare On Company's income statement forDecember.

On Company
Income Statement
For the Month Ended December 31
Sales		$
Cost of goods sold:
Finished goods inventory, December 1	$
Cost of goods manufactured
Cost of finished goods available for sale	$
Less finished goods inventory, December 31
Cost of goods sold
Gross profit		$
Operating expenses
Net income		$

Thank you so much for your help!!