Office 365

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		$228,000			$209,650
Work in process		473,260			554,150
Finished goods		636,450			668,690
Direct labor					$3,800,000
Materials purchased during March					2,894,730
Factory overhead incurred during March:
Indirect labor					347,420
Machinery depreciation					228,000
Heat, light, and power					190,000
Supplies					37,890
Property taxes					32,570
Miscellaneous costs					49,620

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

1. 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
   Total manufacturing costs					$
   Work in process inventory, March 31
   Cost of goods manufactured					$

2. Determine the cost of goods sold for March. Round your answer to the nearest dollar.