Question
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 | $240,000 | $220,680 | ||||
| Work in process | 498,170 | 583,300 | ||||
| Finished goods | 669,950 | 703,870 | ||||
| Direct labor | $4,000,000 | |||||
| Materials purchased during March | 3,047,080 | |||||
| Factory overhead incurred during March: | ||||||
| Indirect labor | 365,710 | |||||
| Machinery depreciation | 240,000 | |||||
| Heat, light, and power | 200,000 | |||||
| Supplies | 39,880 | |||||
| Property taxes | 34,280 | |||||
| Miscellaneous costs | 52,230 |
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
