Submitted by: Submitted by ugur
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Words: 790
Pages: 4
Category: Business and Industry
Date Submitted: 11/07/2013 12:39 PM
1) South State Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during 2012. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100; maintenance of $4,500; repairs of $1,800; depreciation of $7,900; and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance.
Required: Prepare a schedule of cost of goods manufactured for South State Company using the format below.
COST OF GOODS MFGD
Beginning work in process | | | |
Direct materials used: | | | |
Direct labor | | | |
Manufacturing overhead: | | | |
Indirect labor | | | |
Indirect materials | | | |
Utilities | | | |
Maintenance | | | |
Repairs | | | |
Depreciation | | | |
Property taxes | | | |
Total manufacturing overhead | | | |
Total mfg costs incurred | | | |
Total mfg costs to account for | | | |
Ending work in process | | | |
Cost of goods manufactured | | | |
Answer:
COST OF GOODS MFGD | | | |
Beginning work in process | | | $5,500 |
Direct materials used: | | $71,000 | |
Direct labor | | 37,000 | |
Manufacturing overhead: | | | |
Indirect labor | $2,700 | | |
Indirect materials | 1,600 | | |
Utilities | 3,100 | | |
Maintenance | 4,500 | | |
Repairs | 1,800 | | |
Depreciation | 7,900 | | |
Property taxes | 2,600 | | |
Total manufacturing overhead | | $24,200 | |
Total mfg costs incurred | | | $132,200 |
Total mfg costs to account for | | | 137,700 |
Ending work in process | | | (7,500) |
Cost of goods manufactured | | | $130,200 |
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