See attachment for question 1 to 3
Cost of direct materials used in production $158,900 Direct labor 190,700 Work in process inventory, July 1 71,500 Work in process inventory, July 31 96,900 Total factory overhead 87,400 Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended July 31 Work in process inventory, July 1 v 71,500 Manufacturing costs incurred during July: Cost of direct materials used in production v 158,900 Direct labor v 190,700 Factory overhead v 87,400 Total manufacturing costs incurred 437,000 Total manufacturing costs X Work in process inventory, July 31 v 96,900 Cost of goods manufactured XCost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $142,500 $128,250 Work in process 94,050 84,650 Finished goods 74,100 87,210 Direct labor $256,500 Materials purchased during January 273,600 Factory overhead incurred during January: Indirect labor 27,360 Machinery depreciation 16,530 Heat, light, and power 5,700 Supplies 4,560 Property taxes 3,990 Miscellaneous costs 7,410 a. Prepare a cost of goods manufactured statement for January. Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 Work in process inventory, January 1 vFor the Month Ended January 31 Work in process inventory, January 1 v Direct materials: Materials inventory, January 1 v Purchases v Cost of materials available for use v 100 Materials inventory, January 31 v Cost of direct materials used in production v Direct labor v Factory overhead: Indirect labor Machinery depreciation v Heat, light, and power 1000000 Supplies v Property taxes v Miscellaneous costs v Total factory overheadHeat, light, and power v Supplies 0000 Property taxes v Miscellaneous costs v Total factory overhead Total manufacturing costs incurred during January Total manufacturing costs Work in process inventory, January 31 v Cost of goods manufactured 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 manufact work in process and subtract the ending work in process. b. Determine the cost of goods sold for January.Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $269,930 Selling expenses 90,170 Administrative expenses 47,670 Sales 574,310 Finished goods inventory, January 1 64,900 Finished goods inventory, January 31 59,150 a. For the month ended January 31, determine Bandera Manufacturing's cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31 Finished goods inventory, January 1 v Cost of goods manufactured v Cost of finished goods available for sale v S Finished goods inventory, January 31 v Cost of goods sold v Feedbackb. For the month ended January 31, determine Bandera Manufacturing's gross profit. Bandera Manufacturing Company Gross Profit January 31 Sales v Cost of goods sold v Gross profit v Feedback Check My Work b. Sales minus cost of goods sold equals gross profit. c. For the month ended January 31, determine Bandera Manufacturing's net income. Bandera Manufacturing Company Net Income January 31 Gross profit v Operating expenses:Gross profit v Operating expenses: Selling expenses v Administrative expenses Total operating expenses Net income v Feedback Check My Work c. Gross profit minus operating expenses equals net income. Feedba
