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Can someone help me solve this problem; I'm having a hard time getting the correct answer for Total manufacturing costs incurred during January?? any feedback
Can someone help me solve this problem; I'm having a hard time getting the correct answer for "Total manufacturing costs incurred during January"?? any feedback will be great.
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 31 $132,020 Materials Work in process Finished goods January 1 $151,750 101,670 77,390 88,450 88,450 Direct labor $273,150 291,360 Materials purchased during January Factory overhead incurred during January: Indirect labor 29,140 17,600 Machinery depreciation Heat, light, and power Supplies 6,070 4,860 Property taxes 4,250 Miscellaneous costs 7,890 a. Prepare a cost of goods manufactured statement for January Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 Statement of Cost of Goods Manufactured For the Month Ended January 31 Work in process inventory, January 1 $ 101,670 Direct materials: Materials inventory, January 1 $ 151,750 291,360 Purchases Cost of materials available for use $ 443,110 -132,020 Materials inventory, January 31 Cost of direct materials used in production $ 311,090 Direct labor 273,150 Factory overhead: Indirect labor 29,140 Machinery depreciation 17,600 Heat, light, and power 6,070 Supplies 4,860 Property taxes 4,250 7,890 Miscellaneous costs Total factory overhead 69,810 Total manufacturing costs incurred during January 654,050 Total manufacturing costs Work in process inventory, January 31 $ 640,559 x 88,450 $ 667,270 Cost of goods manufacturedStep by Step Solution
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