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 | $188,400 | $173,230 | ||||
Work in process | 391,060 | 457,880 | ||||
Finished goods | 525,910 | 552,530 | ||||
Direct labor | $3,140,000 | |||||
Materials purchased during March | 2,391,960 | |||||
Factory overhead incurred during March: | ||||||
Indirect labor | 287,080 | |||||
Machinery depreciation | 188,400 | |||||
Heat, light, and power | 157,000 | |||||
Supplies | 31,310 | |||||
Property taxes | 26,910 | |||||
Miscellaneous costs | 41,000 |
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
- Prepare a 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 depreciation Materials inventory, March 1SuppliesWork in process inventory, March 31
$ fill in the blank 5 Indirect labor Property taxes Purchases Work 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 production Less work in process inventory, March 31Materials inventory, March 1Total manufacturing costs
$ fill in the blank 13 Direct labor Indirect labor Machinery depreciation Supplies
fill in the blank 15 Factory overhead: Indirect labor Materials 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 taxes Purchases Work in process inventory, March 31
fill in the blank 25 Direct materials Miscellaneous costs Purchases Work 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 materials Materials 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
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Step: 1
To prepare the cost of goods manufactured statement for March well need to calculate various components using the provided data Direct materials used ...Get Instant Access to Expert-Tailored Solutions
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