Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:
Inventories January 1 January 31
Materials $196,000 $176,400
Work in process135,240 121,720
Finished goods 99,960 118,190
Direct labor $352,800
Materials purchased during January 376,320
Factory overhead incurred during January:
Indirect labor 37,630
Machinery depreciation 22,740
Heat, light, and power 7,840
Supplies 6,270
Property taxes 5,490
Miscellaneous costs 10,190
a. Prepare a cost of goods manufactured statement for January.
Sandusky Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended January 31
Work in process inventory, January 1 $
Direct materials:
Materials inventory, January 1 $
Purchases
Cost of materials available for use $
Materials inventory, January 31
Cost of direct materials used in production $
Direct labor
Factory overhead:
Indirect labor $
Machinery depreciation
Heat, light, and power
Supplies
Property taxes
Miscellaneous costs
Total factory overhead
Total manufacturing costs incurred during January
Total manufacturing costs $
Work in process inventory, January 31
Cost of goods manufactured $
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b. Determine the cost of goods sold for January.
$

a. Cost of goods manufactured statement for January.

Work in process inventory, January 1                                  $ 135,240

Direct materials:

Materials inventory, January 1                     $ 196,000

Purchases                                                      $376,320

Cost of materials available for use             $ 572,320

Materials inventory, January 31                   ($176,400)

Cost of direct materials used in production                      $ 395,920

Direct labor                                                                           $352,800

Factory overhead:

Indirect labor                                                  $ 37,630

Machinery depreciation                                 $22,740

Heat, light, and power                                      $7,840

Supplies                                                            $6,270

Property taxes                                                  $5,490

Miscellaneous costs                                        $10,190

Total factory overhead                                                           $90,160

Total manufacturing costs incurred during January          $442,950

Total manufacturing costs                                                  $ 442,950

Work in process inventory, January 31                               ($121,720)

Cost of goods manufactured                                             $456,470

b. Determine the cost of goods sold for January.

Beginning Finished goods Inventory                                  $99,960

Add Cost of goods manufactured                                     $456,470

Less Ending Finished goods Inventory                              ($118,190)

Cost of goods sold                                                              $438,240

Explanation:

The Costs of Goods Manufactured is obtained from preparing a manufacturing cost schedule. This is an accumulation of all manufacturing costs.

The cost of goods sold is obtained by preparing Finished Goods Account or schedule as above.

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