Question

1. Prepare a cost of goods manufactured statement for January. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

2. Determine the cost of goods sold for January.

Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:

Inventories January 1 January 31
Materials $314,000 $276,800
Work in process 216,000 239,800
Finished goods 163,200 189,000
January 31
Direct labor $567,000
Materials purchased during the month 606,600
Factory overhead incurred during the month:
Indirect labor 60,520
Machinery depreciation 32,000
Heat, light, and power 12,200
Supplies 8,220
Property taxes 8,880
Miscellaneous costs
16,460

Answer 1

Answer:

Cost Of Goods Manufactured                               $ 1326,080

Cost of Goods Sold Statement                                 $1300,280

Explanation:

Sandusky Manufacturing Company

Cost of goods Manufactured & Sold  Statement

Month ended January 31

Direct Materials  (opening Inventory)              314,000

Add Purchases                                                    606,600

Less Ending Inventory                                     (276,800)

Materials available for Use                               643,800

Add Direct Labor                                               567,000

Factory Overhead

Indirect Manufacturing Labor     60,520

Supplies                                        8,220

Depreciation                               32,000

Heat  Light Power                     12,2000            

Property taxes                              8,880

Miscellaneous costs                     16,460              138,280

                                                                             1349,080

Add Opening WIP                                                  216,000

Less Closing WIP                                                    239,000

Cost Of Goods Manufactured                               $ 1326,080

Add Beginning Finished goods                                   163,200

Less Ending Finished Goods                                      189,000

Cost of Goods Sold Statement                                 $1300,280