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	$177,250		$159,530
Work in process	116,990		105,290
Finished goods	92,170		106,890

Direct labor		$319,050
Materials purchased during March		340,320
Factory overhead incurred during March:
	Indirect labor	34,030
	Machinery depreciation	20,560
	Heat, light, and power	7,090
	Supplies	5,670
	Property taxes	4,960
	Miscellaneous costs	9,220

a. Prepare a cost of goods manufactured statement for March.

Johnstone Manufacturing Company

Statement of Cost of Goods Manufactured

For the Month Ended March 31

a. Prepare a cost of goods manufactured statement for March. 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 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 Feedback Check My Work a. Add the beginning materials and purchases and subtract the ending materials inventory. Add direct labor and factory overhead. This will give total manufacturing costs. Then, add the total manufacturing costs to the beginning work in process inventory and subtract the ending work in process inventory. b. Determine the cost of goods sold for March. Feedback Check My Work Add the cost of goods manufactured from (a) to the beginning finished goods Inventory. Subtract the ending finished goods Inventory. Feedback Check My Work Partially correct