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Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials Work in process Finished goods $226,800 470,770 633,100 $208,540 551,210 665,150 $3,780,000 2,879,490 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 345,600 226,800 189,000 37,690 32,390 49,360 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. HITHI Open spreadsheet a. Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Work in process inventory, March 1 Direct materials: Materials inventory, March 1 $ Purchases $ Cost of materials available for use Materials inventory, March 31 Cost of direct materials used in production Direct labor Factory overhead: Indirect labor $ Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Total factory overhead Total manufacturing costs incurred during March Check My Work Previous Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Work in process inventory, March 31 $ Cost of goods manufactured b. Determine the cost of goods sold for March. Round your answer to the nearest dollar. $ Feedback Check My Work a. Add the beginning materials and purchases and subtract the ending materials. Add direct labor and factory overhead. This will give total mar add the total manufacturing costs to the beginning work in process and subtract the ending work in process. b. Add the cost of goods manufactured from (a) to the beginning finished goods. Subtract the ending finished goods. Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $222,000 of materials. b. Used $159,840 of direct materials in production. c. Incurred $399,600 of direct labor wages. d. Incurred $159,800 of factory overhead. e. Transferred $674,900 of work in process to finished goods. f. Sold goods for $1,065,600. g. Sold goods with a cost of $599,400. h. Incurred $190,900 of selling expense. i. Incurred $111,000 of administrative expense. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues Cost of goods sold Check My Work Previous Next Open spreadsheet Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses Total operating expenses Net income b. Determine the inventory balances at the end of the first month of operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31: Check My Work
