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:

Inventories March 1 March 31
Materials $194,400 $178,750
Work in process 403,520 472,470
Finished goods 542,660 570,130
Direct labor $3,240,000
Materials purchased during March 2,468,130
Factory overhead incurred during March:
Indirect labor 296,230
Machinery depreciation 194,400
Heat, light, and power 162,000
Supplies 32,300
Property taxes 27,770
Miscellaneous costs 42,310

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

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:
DATA
Inventories March 1 March 31
Materials $194,400 $178,750
Work in process 403,520 472,470
Finished goods 542,660 570,130
Direct labor $3,240,000
Materials purchased during March 2,468,130
Factory overhead incurred during March:
Indirect labor 296,230
Machinery depreciation 194,400
Heat, light, and power 162,000
Supplies 32,300
Property taxes 27,770
Miscellaneous costs 42,310
Select the corresponding accounts in the dropdowns in cells B26, B28:B33, B35:B40, B44. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the C, D, and E columns. Transfer the numeric results for the green entry cells (E26, C28:C31, D32:D33, C35:C40, D41, E42:E45, C47) into the appropriate fields in CNOWv2
Johnstone Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended March 31 Formulas
a.
Direct materials:
Factory overhead:
Total factory overhead
Total manufacturing costs incurred during March
Total manufacturing costs
Cost of goods manufactured
b. Cost of goods sold for March

  1. cost of goods manufactured statement for March. Round your answers to the nearest dollar.

Johnstone Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended March 31
Indirect laborMachinery depreciationSuppliesWork in process inventory, March 1 $

fill in the blank 3

Direct materials:

Machinery depreciationMaterials inventory, March 1SuppliesWork in process inventory, March 31

$

fill in the blank 5

Indirect labor Property taxesPurchasesWork in process inventory, March 31

fill in the blank 7

Cost of materials available for use Less work in process inventory, March 31SuppliesWork in process inventory, March 1

$

fill in the blank 9

Indirect labor Materials inventory, March 31Miscellaneous costWork in process inventory, March 31

fill in the blank 11

Cost of direct materials used in productionLess work in process inventory, March 31Materials inventory, March 1Total manufacturing costs

$

fill in the blank 13

Direct laborIndirect laborMachinery depreciationSupplies

fill in the blank 15

Factory overhead:

Indirect laborMaterials inventory, March 1Materials inventory, March 31Purchases

$

fill in the blank 17

Direct laborMachinery depreciationPurchasesWork in process inventory, March 31

fill in the blank 19

Direct laborHeat, light, and powerMaterials inventory, March 1Work in process inventory, March 31

fill in the blank 21

Direct laborMaterials inventory, March 1PurchasesSupplies

fill in the blank 23

Materials inventory, March 31Property taxesPurchasesWork in process inventory, March 31

fill in the blank 25

Direct materialsMiscellaneous costsPurchasesWork in process inventory, March 31

fill in the blank 27

Total factory overhead

fill in the blank 28

Total manufacturing costs incurred during March

fill in the blank 29

Total manufacturing costs $

fill in the blank 30

Cost of materials available for use Direct materialsMaterials inventory, March 31Work in process inventory, March 31

fill in the blank 32

Cost of goods manufactured $

fill in the blank 33

Determine the cost of goods sold for March. Round your answer to the nearest dollar.

$fill in the blank 34

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 Information Systems Controls And Processes

Authors: Leslie Turner, Andrea B Weickgenannt, Mary Kay Copeland

4th Edition

1119577810, 9781119577812

More Books

Students also viewed these Accounting questions

Question

Describe ERP and how it can create efficiency within a business

Answered: 1 week ago