Question
Materials inventory, 1/1/19................................ $ 54,000 Materials inventory, 12/31/19........................... $ 40,500 Materials purchases................................................ $ 81,500 Work in process inventory, 1/1/19................... $ 28,500 Work in process inventory,
Materials inventory, 1/1/19................................ $ 54,000
Materials inventory, 12/31/19........................... $ 40,500
Materials purchases................................................ $ 81,500
Work in process inventory, 1/1/19................... $ 28,500
Work in process inventory, 12/31/19............. $ 40,500
Direct labor................................................................ $ 34,000
Manufacturing overhead..................................... $ 52,000
Finished goods inventory, 1/1/19.................... $ 39,500
Finished goods inventory, 12/31/19............... $ 11,000
From the above data, prepare a statement of cost of goods manufactured for the year ended June 30, 2019:
Factory depreciation.................................................... $ 12,000
Direct materials issued............................................... $ 50,000
Direct labor...................................................................... $ 80,000
Indirect labor................................................................... $ 42,000
Sales salaries................................................................... $ 48,000
Factory supplies used.................................................. $ 5,000
Factory utilities............................................................. $ 24,000
Factory property taxes............................................... $ 11,000
Work in process inventory on July 1, 2018........ $ 22,000
Work in process inventory on June 30, 2019.... $ 24,000
Finished goods inventory on July 1, 2018.......... $ 34,000
Finished goods inventory on June 30, 2019...... $ 38,000
Factory repairs............................................................... $ 8,000
Factory insurance......................................................... $ 2,000
Follow-up question:
What is Cost of Goods Sold for the period ending June 30, 2019.
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