Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Statement of cost of goods manufacturedfor a manufacturing company Costdata for Johnstone Manufacturing Company for the month ended March 31 are as follows: InventoriesMarch 1March
Statement of cost of goods manufacturedfor a manufacturing company
Costdata for Johnstone Manufacturing Company for the month ended March 31 are as follows:
InventoriesMarch 1March 31Materials$195,600$179,850Work in process406,010475,380Finished goods546,010573,640
Direct labor$3,260,000Materials purchased during March2,483,370Factory overhead incurred during March:Indirect labor298,050Machinery depreciation195,600Heat, light, and power163,000Supplies32,500Property taxes27,940Miscellaneous costs42,570
- Johnstone Manufacturing CompanyStatement of Cost of Goods ManufacturedFor the Month Ended March 31
- Work in process inventory, March 1$
- Direct materials:
- Materials inventory, March 1$
- Purchases$
- Cost of materials available for use$
- Materials inventory, March 31$
- Cost of direct materials used in production$
- Direct labor$
- Factory overhead:
- Indirect labor$
- Machinery depreciation$
- Heat, light, and power$
- Supplies$
- Property taxes$
- Miscellaneous costs$
- Total factory overhead $
- Total manufacturing costs incurred during March $
- Total manufacturing costs$
- Work in process inventory, March 31$
- Cost of goods manufactured$
- Determine the cost of goods sold for March. Round your answer to the nearest dollar.$
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started