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Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company: Administrative salaries (non-factory) $85,000 Administrative rent

Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bishop Manufacturing Company:

Administrative salaries (non-factory) $85,000
Administrative rent (non-factory) 47,000
Advertising and promotion expense 93,000
Depreciation-administrative 77,000
Depreciation-factory 95,000
Depreciation-selling 36,000
Direct labor 325,000
Factory rent 68,000
Factory supplies used 23,000
Finished goods inventory (January 1) 61,000
Finished goods inventory (December 31) 63,000
Indirect material used 27,000
Indirect labor 44,000
Materials inventory (January 1) 22,000
Materials inventory (December 31) 30,000
Net delivered cost of materials purchased 210,000
Other factory overhead 55,000
Sales 938,000
Sales salaries expense 71,000
Work in process inventory (January 1) 33,000
Work in process inventory (December 31) 29,000

Using the above data, prepare a schedule of cost of goods manufactured and sold. Do not use negative signs with any of your answers.

Bishop Manufacturing Company Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2016
Direct material:
Beginning materials inventory Answer
AnswerCost of materials purchasedEnding materials inventoryIndirect materials usedBeginning work in process inventoryEnding work in process inventoryBeginning finished goods inventoryEnding finished goods inventory Answer
Cost of material available Answer
Less: AnswerCost of materials purchasedEnding materials inventoryIndirect materials usedBeginning work in process inventoryEnding work in process inventoryBeginning finished goods inventoryEnding finished goods inventory Answer
Total materials used Answer
Less: AnswerCost of materials purchasedEnding materials inventoryIndirect materials usedBeginning work in process inventoryEnding work in process inventoryBeginning finished goods inventoryEnding finished goods inventory Answer
Direct material used Answer
Direct labor Answer
Manufacturing overhead
Indirect material Answer
Indirect labor Answer
Factory supplies used Answer
Factory depreciation Answer
Factory rent Answer
AnswerCost of materials purchasedEnding materials inventoryIndirect materials usedBeginning work in process inventoryEnding work in process inventoryBeginning finished goods inventoryEnding finished goods inventoryOther factory overhead Answer
Total manufacturing overhead Answer
Total manufacturing costs for the year Answer
Add: AnswerCost of materials purchasedEnding materials inventoryIndirect materials usedBeginning work in process inventoryEnding work in process inventoryBeginning finished goods inventoryEnding finished goods inventoryOther factory overhead Answer
Total cost of work in process during the year Answer
Less: AnswerCost of materials purchasedEnding materials inventoryIndirect materials usedBeginning work in process inventoryEnding work in process inventoryBeginning finished goods inventoryEnding finished goods inventoryOther factory overhead Answer
Cost of goods manufactured Answer
Add: AnswerCost of materials purchasedEnding materials inventoryIndirect materials usedBeginning work in process inventoryEnding work in process inventoryBeginning finished goods inventoryEnding finished goods inventoryOther factory overhead Answer
Cost of goods available for sale Answer
Less: AnswerCost of materials purchasedEnding materials inventoryIndirect materials usedBeginning work in process inventoryEnding work in process inventoryBeginning finished goods inventoryEnding finished goods inventoryOther factory overhead Answer
Cost of goods sold Answer

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