Journal entries and cost of goods manufactured statement LO₆

Required:

Using the data inP5-3:

1. Draft the necessary entries to record the manufacturing costs incurred during the month of July.

2. Prepare a statement of cost of goods manufactured for the month ended July 31.

Transcribed Image Text:

Analysis Cutting: Started in process. Costs for month: Goode Manufacturing Co. Departmental Cost Work Sheet For the Month Ended July 31, 2002 Cost per unit transferred Units received in department Units transferred or on hand 6,600 Amount charged to department Amount credited to department Materials.. $30,000.00 Labor.. 16,000.00 Factory overhead 14,000.00 Completed and transferred to Shaping... $10.00 5,400 $54,000.00 Closing inventory in process (1/2 completed) 1.200 6,000.00 Total. 6,600 6.600 $60,000.00 $60,000.00 Shaping: Received during month from Cutting.... Costs added during month: 5,400 $54,000.00 Materials... 0.25 1.200.00 Labor.... 1.25 6,000.00 Factory overhead 1.00 4,800.00 Completed and transferred to Finishing.... $12.50 4,400 $55,000.00 Closing inventory in process (2/5 completed) 1,000 11,000.00 Total 5,400 5,400 $66.000.00 $66,000.00 Finishing: Received during month from Shaping.... Costs added during month: Materials. Labor... Factory overhead Completed and transferred to stock Closing inventory in process (1/2 completed) Total 4,400 $55,000.00 1.50 6,300.00 1.00 4,200.00 1.50 6.300.00 $16.50 4,000 400 $66,000.00 5,800.00 4,400 4,400 $71,800.00 $71,800.00