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Using data provided from the income statement data (inc data) worksheet and the balance sheet (bal) complete the Schedule of Cost of Goods Manufactured (see
Using data provided from the income statement data (inc data) worksheet and the balance sheet (bal) complete the Schedule of Cost of Goods Manufactured (see tab sch cgm). (Please see the image following the rest of the instructions for the proper format.)
Then, calculate the cost of the goods manufactured for the month of February.
Income Statement Data (inc data) worksheet
Payroll expense- factory labor | $ 224,420 |
Payroll expense- indirect labor | $ 20,000 |
Supplies used- factory | $ 6,000 |
Utilities - factory | $ 8,000 |
Insurance expense - factory | $ 2,000 |
maintenance expense and repair- factory | $ 5,000 |
Rent- factory | $ 80,000 |
Depreciation- factory equipment | $ 5,000 |
Balance Sheet (bal)
2/1/2021 | 2/29/2021 | ||
Cash | $ 200,000 | $ 1,595,310 | |
AR | $ 1,000,000 | $ 1,487,096 | |
Supplies | $ 20,000 | $ 20,000 | |
Inventory RM | $ 75,860 | $ 296,190 | |
Inventory WIP | $ 140,000 | $ 120,000 | |
Inventory finished goods | $ 179,680 | $ 106,980 | |
Equipment-office | $ 15,000 | $ 15,000 | |
Accumulated depreciation | $ (3,250) | $ (3,500) | |
Equipment-sales | $ 10,000 | $ 10,000 | |
Accumulated depreciation | $ (2,167) | $ (2,333) | |
Equipment-factory | $ 75,000 | $ 75,000 | |
Accumulated depreciation | $ (16,250) | $ (21,250) | |
$ 1,693,873 | $ 3,698,493 | ||
AP | $ 50,000 | $ 46,250 | |
Wage payable | $ 250,000 | $ 250,000 | |
Stockholder equity | $ 1,393,873 | $ 3,402,243 | |
Total liability and stockholder equity | $ 1,693,873 | $ 3,698,493 |
Schedule of Cost of Goods Manufactured (sch cgm)
Direct Material | ||
Beginning balance | ||
purchase | 9,932,477 | |
Raw material available for use | ||
Less ending balance of raw material | ||
Direct Material used | ||
Direct labor | ||
Factory Overhead |
The assignment wants the sch cgm table to look like the following:
EXHIBIT 14.16 Schedule of Cost of Goods Manufactured ROCKY MOUNTAIN BIKES Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 $ 8.000 86,500 94,500 9.000 $ 85,500 60,000 Direct materials Raw materials inventory, Dec. 31, 2018 Raw materials purchases... Raw materials available for use Less raw materials inventory, Dec 31, 2019 Direct materials used.... Direct labor.... Factory overhead Indirect labor Factory supervision Factory utilities. Repairs --Factory equipment Property taxes-Factory building Factory supplies used (indirect materials) Factory insurance expired Depreciation expense-Factory assets Amortization expense-Patents (on factory equipment) Total factory overhead Total manufacturing costs Add work in process inventory, Dec 31, 2018 Total cost of work in process..... Less work in process inventory, Dec 31, 2019 Cost of goods manufactured 9,000 6,000 2,600 2,500 1,900 600 1,100 5,500 800 30,000 $175,500 2,500 178,000 7.500 $170,500 GmStep by Step Solution
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