Statement of Cost of Goods Manufactured for a Manufacturing Company

Cost data for Firetree Manufacturing Company for the month ended March $31$ are as follows:

Inventories March $1$ March $31$

Materials $$193,200$ $$177,650$

Work in process $401,030469,560$

Finished goods $539,310566,620$

Line Item Description Amount

Direct labor $$3,220,000$

Materials purchased during March $2,452,900$

Factory overhead incurred during March:

Line Item Description Amount

Indirect labor $294,400$

Machinery depreciation $193,200$

Heat, light, and power $161,000$

Supplies $32,100$

Property taxes $27,600$

Miscellaneous costs $42,050$

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.

Open spreadsheet

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

Firetree Manufacturing Company

Statement of Cost of Goods Manufactured

For the Month Ended March $31$

Line Item Description Amount Amount Amount

Work in process inventory, March $1$

$fill in the blank $3$

Direct materials:

Materials inventory, March $1$

$fill in the blank $5$

Purchases

fill in the blank $7$

Cost of materials available for use

$fill in the blank $9$

Materials inventory, March $31$

fill in the blank $11$

Cost of direct materials used in production

$fill in the blank $13$

Direct labor

fill in the blank $15$

Factory overhead:

Indirect labor

$fill in the blank $17$

Machinery depreciation

fill in the blank $19$

Heat, light, and power

fill in the blank $21$

Supplies

fill in the blank $23$

Property taxes

fill in the blank $25$

Miscellaneous costs

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 $30$

Work in process inventory, March $31$

fill in the blank $32$

Cost of goods manufactured $fill in the blank $33$

b$.$ Determine the cost of goods sold for March.

fill in the blank $1$ of $1$$

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