Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $208,000 $183,040 Work in process 137,280 120,810 Finished goods 106,080 122,640 Direct labor $374,400 Materials purchased during January 399,360 Factory overhead incurred during January: Indirect labor 39,940 Machinery depreciation 24,130 Heat, light, and power 8,320 Supplies 6,660 Property taxes 5,820 Miscellaneous costs 10,820 a. Prepare a cost of goods manufactured statement for January. Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 Work in process inventory, January 1 $ 334,600 Direct materials: Materials inventory, January 1 $ 208,000 Purchases 607,360 Cost of materials available for use $ 815,000 Materials inventory, January 31 183,040 Cost of direct materials used in production $ 631,960 Direct labor 399,360 Factory overhead: Indirect labor $ 39,940 Machinery depreciation 24,130 Heat, light, and power 8,320 Supplies 6,660 Property taxes 5,820 Miscellaneous costs 10,820 Total factory overhead 95,690 Total manufacturing costs incurred during January 1,127,010 Total manufacturing costs $ 1,143,480 Work in process inventory, January 31 1,264,290 Cost of goods manufactured $ 1,142,480 Feedback a. Add the beginning materials and purchases and subtract the ending materials. Add direct labor and factory overhead. This will give total manufacturing costs. Then, add the total manufacturing costs to the beginning work in process and subtract the ending work in process. b. Determine the cost of goods sold for January. $ Feedback b. Add the cost of goods manufactured from (a) to the beginning finished goods. Subtract the ending finished goods. Feedback Partially correct