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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) $127,500 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) | $127,500 |
Administrative rent (non-factory) | 70,500 |
Advertising and promotion expense | 139,500 |
Depreciation-administrative | 115,500 |
Depreciation-factory | 142,500 |
Depreciation-selling | 54,000 |
Direct labor | 487,500 |
Factory rent | 102,000 |
Factory supplies used | 34,500 |
Finished goods inventory (January 1) | 91,500 |
Finished goods inventory (December 31) | 94,500 |
Indirect material used | 40,500 |
Indirect labor | 66,000 |
Materials inventory (January 1) | 33,000 |
Materials inventory (December 31) | 45,000 |
Net delivered cost of materials purchased | 315,000 |
Other factory overhead | 82,500 |
Sales | 1,407,000 |
Sales salaries expense | 106,500 |
Work in process inventory (January 1) | 49,500 |
Work in process inventory (December 31) | 43,500 |
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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