Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31
Materials $178,750 $151,940
Work in process 119,760 101,800
Finished goods 91,160 103,320
Direct labor $321,750
Materials purchased during March 343,200
Factory overhead incurred during March:
Indirect labor 34,320
Machinery depreciation 20,740
Heat, light, and power 7,150
Supplies 5,720
Property taxes 5,010
Miscellaneous costs 9,300

Required:
a. Prepare a cost of goods manufactured statement for
b. Determine the cost of goods sold for March.

Answer and Explanation:

a. The preparation of the cost of goods manufactured statement is as follows:

Opening work in process $119,760

Direct Material    

Opening inventory$178,750  

Add: Material Purchased$343,200  

Cost of Materials Available  $521,950  

Less: Ending Inventory -$151,940  

Cost of Direct Materials Used $370,010  

Direct Labor  $321,750  

Factory Overhead:    

Indirect Labor$34,320  

Machinery Depreciation$20,740  

Heat, Light and Power$7,150  

Supplies$5,720  

Property Taxes$5,010  

Miscellaneous Costs$9,300  

Total Factory Overhead $82,240  

Total Manufacturing Costs Incurred $774,000

Total Manufacturing Costs  $893,760

Less: Ending Work in Process $101,800

Cost of Goods Manufactured $791,960

b. Now the cost of goods sold is

Cost of Goods Sold= Cost of Goods Manufactured + Beginning Finished Goods - Ending Finished Goods

= $791,960 + $91,160 - $103,320

= $779,800

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