Statement of Cost of Goods Manufactured for March | Exercise

School: Woodland Community College - Course: ACCOUNTING 101 - Subject: Accounting

Exercise 15(1)-15 Name: Section: Score: 100% Key Code: [Key code here] Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. a.Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Work in process inventory, March 1$435,900 Direct materials: Materials inventory, March 1$210,000 Purchases2,666,200 Cost of materials available for use$2,876,200 Materials inventory, March 31(193,100) Cost of direct materials used in production$2,683,100 Direct labor3,500,000 Factory overhead: Indirect labor$320,000 Machinery depreciation210,000 Heat, light, and power175,000 Supplies34,900 Property taxes30,000 Miscellaneous costs45,700 Total factory overhead815,600 Total manufacturing costs incurred during March6,998,700 Total manufacturing costs$7,434,600 Work in process inventory, March 31(510,400) Cost of goods manufactured$6,924,200 b. Cost of goods sold for March:Instructions Finished goods inventory, March 1$586,200 Cost of goods manufactured6,924,200 Cost of finished goods available for sale$7,510,400 Finished goods inventory, March 31(615,900) Cost of goods sold$6,894,500