Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

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:

InventoriesMarch 1March 31
Materials$219,600$201,920
Work in process455,820533,710
Finished goods613,000644,030
Direct labor$3,660,000
Materials purchased during March2,788,080
Factory overhead incurred during March:
Indirect labor334,620
Machinery depreciation219,600
Heat, light, and power183,000
Supplies36,490
Property taxes31,370
Miscellaneous costs47,790

I am struggling on one part and will upload an image of what I have so far.

image text in transcribed
tor the Month eEnded March 31 Worlk in process inventory, March 1 - 3 455,820 | v Direct materials: Materials inventory, March 1 - f & 219,600 | v Purchases = 2,788,080 | v Cost of materials available for use - | 3,007,680 | v Materials inventory, March 31 * 201,920 | Cost of direct materials used in production - of Direct labor - | 2,805,760 | v 3,660,000 | v Factory overhead: Indirect labor ~ & 334,620 | v Machinery depreciation - 219,600 | v Heat, light, and power _ ~ 183,000 | v Supplies ~ 36,490 | Property taxes i d 31,370 | v Miscellaneous costs = 47,790 | Total factory overhead 852,870 | v Total manufacturing costs incurred during March 7,318,630 | v Total manufacturing costs $\\:\\ X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What The Numbers Mean

Authors: David Marshall, Wayne McManus, Daniel Viele

10th Edition

77729870, 9780077729875

More Books

Students also viewed these Accounting questions

Question

How often do managers need product cost information?

Answered: 1 week ago