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Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold:
1(Click
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2(Click
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First, compute cost of goods manufactured.
| Schedule of Cost of Goods Manufactured |
| (1) | | | |
| Direct Materials Used: | | | |
| | (2) | | | |
| | (3) | | | |
| | (4) | | | |
| | (5) | | | |
| Direct Materials Used | | | |
| (6) | | | |
| (7) | | | |
| Total Manufacturing Costs Incurred during the Year | | | |
| Total Manufacturing Costs to Account For | | | |
| (8) | | | |
| Cost of Goods Manufactured | | | |
Now compute cost of goods sold.
| (9) | | | |
| Cost of Goods Manufactured | | | |
| Cost of Goods Available for Sale | | | |
| (10) | | | |
| Cost of Goods Sold | | | |
1: Data Table
| Balances: | Beginning | Ending |
| Direct Materials | $21,000 | $33,000 |
| Work-in-Process Inventory | 42,000 | 29,000 |
| Finished Goods Inventory | 14,000 | 26,000 |
2: Data Table
| Other information: | |
| Purchases of direct materials | $78,000 |
| Direct labor | 81,000 |
| Manufacturing overhead | 41,000 |
(1)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(2)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(3)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(4)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(5)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(6)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(7)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(8)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(9)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
(10)
Beginning Direct Materials
Beginning Finished Goods Inventory
Beginning Work-in-Process Inventory
Direct Labor
Direct Materials Available for Use
Ending Direct Materials
Ending Finished Goods Inventory
Ending Work-in-Process Inventory
Gross Margin
Manufacturing Overhead
Purchases of Direct Materials
Total Operating Costs
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