Strike Marine Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods inventory $19,000 Plus: Cost of goods manufactured 233,200 Cost of goods available for sale 252,200 Less: Ending finished goods inventory 21,000 Cost of goods sold $231,200

Strike Marine Manufacturing

Calculation of Cost of Goods Sold

For Current Year

Beginning finished goods inventory

$19,000

Plus:

Cost of goods manufactured

233,200

Cost of goods available for sale

252,200

Less:

Ending finished goods inventory

21,000

Cost of goods sold

$231,200

Strike Marine Industries

Calculation of Cost of Goods Manufactured

For Current Year

Beginning work in process inventory

$43,000

Plus:

Manufacturing costs incurred

Direct materials used

$71,000

Direct labor

85,000

Manufacturing overhead

68,200

Total manufacturing costs to account for

267,200

Less:

Ending work in process inventory

34,000

Cost of goods manufactured (CGM)

$233,200

eginning

End of

End of

of Year

Year

Year

Raw materials inventory. . . . . . . .

$25,000

$33,000

Insurance on plant. . . . . . . . . . . . . . . . . . . . . . . .

$7,000

Work in process inventory. . . . . .

$43,000

$34,000

Depreciation-plant building and equipment. . . .

$13,200

Finished goods inventory. . . . . . .

$19,000

$21,000

Repairs and maintenance-plant. . . . . . . . . . . . .

$4,000

Purchases of direct materials. . . .

$79,000

Marketing expenses. . . . . . . . . . . . . . . . . . . .

$83,000

Direct labor. . . . . . . . . . . . . . . .

$85,000

General and administrative expenses. . . . . . . . .

$27,500

Indirect labor. . . . . . . . . . . . . . . . .

$44,000