Question
Cost data for Mix-A-Lot Manufacturing Company for the month ended March 31, 2016, are as follows: Inventories March 1 March 31 Materials $315,000 $277,200 Work
Cost data for Mix-A-Lot Manufacturing Company for the month ended March 31, 2016, are as follows:
Inventories | March 1 | March 31 |
---|---|---|
Materials | $315,000 | $277,200 |
Work in process | 214,200 | 239,400 |
Finished goods | 163,800 | 189,000 |
March 31 | |
---|---|
Direct labor | $567,000 |
Materials purchased during May | 604,800 |
Factory overhead incurred during May: | |
Indirect labor | 60,480 |
Machinery depreciation | 36,000 |
Heat, light, and power | 12,600 |
Supplies | 10,080 |
Property taxes | 8,820 |
Miscellaneous costs | 16,380 |
Required: | |
A. | Prepare a cost of goods manufactured statement for March 2016. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers. |
B. | Determine the cost of goods sold for March 2016. |
Statement of Cost of Goods Manufactured
Prepare a cost of goods manufactured statement for March 2016. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Less or Plus will automatically appear if it is required. Enter all amounts as positive numbers.
Mix-A-Lot Manufacturing Company |
Statement of Cost of Goods Manufactured |
For the Month Ended March 31, 2016 |
1 |
|
| ||
2 | Direct materials: |
|
|
|
3 |
|
| ||
4 |
|
| ||
5 | Cost of materials available for use |
|
| |
6 |
|
| ||
7 | Cost of direct materials used |
|
| |
8 |
|
| ||
9 | Factory overhead: |
|
|
|
10 |
|
| ||
11 |
|
| ||
12 |
|
| ||
13 |
|
| ||
14 |
|
| ||
15 |
|
| ||
16 | Total factory overhead |
|
| |
17 | Total manufacturing costs incurred |
|
| |
18 | Total manufacturing costs |
|
| |
19 |
|
| ||
20 | Cost of goods manufactured |
|
|
Cost of Goods Sold
Determine the cost of goods sold for March 2016.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started