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Computation of COGS Manufacturing Company Purchase raw materials Used materials for production Direct Materials Used Add: Direct Labor used Add: Factory Overhead Total Manufacturing Cost Add: WIP, Beginning Cost of Goods put into process Less: WIP, Ending Cost of goods manufactured Add: FG, Beginning Total goods available for sale Less: FG Ending Cost of Goods Sold Incurred Labor and Overhead for production Beg WPDM, DL, OH cost of completed units be transferred from WIP to FG cost of sold units be transferred from FG to COGS PROBLEM 1 The Ram Manufacturing Company produced P100,000 units during the year ended December 31, 2009. It incurred the following costs for the year Materials P75,000 (10% is indirect materials) Labor P97.000 (7% is indirect labor) Factory Overhead 125% of direct labor cost WIP - January 1 P25, 500 WIP - December 31 P27.000 Required: How much is the Company's cost of goods manufactured? Problem 2 Donna Company submits the following data for May 2013 Direct labor cost P80,000 Purchases P100,000 Factory overhead Applied at 150% of direct labor cost Inventories May 1 May 31 Finished goods P45,000 P24,000 Work in Process P25, 800 P18,000 Materials P22, 000 P25,000 Required: How much is the Company's Cost of goods sold? Problem 3 Kyle Manufacturing Company produces various types of fertilizers. No beginning work in process or finished goods were on hand on January 1, 2012. The following are data provided by the company 30,000 finished goods were on hand on December 31, 2012. 95,000 units were sold during the year No units in work in process inventories on December 31, 2012 Materials put into production amounts to P300,000, 75% were direct materials (No beginning or ending materials inventory) Labor costs were P350,000, 40% was for indirect labor Factory overhead costs other than indirect material and indirect labor were the following: Heat, light, water P120,000 Depreciation P75,000 Property Taxes P85,000 Repairs and maintenance P40,000 Selling Expenses were P80,000 and general and administrative expenses were P50,000 Required: Compute the following: 1. Cost of goods manufactured 5. Period cost 2 Unit Cost (cost per unit of goods manufactured) 8. Cost of Goods Sold 3. Prime Cost 7. Net Income 4. Conversion cost