Noeled Products Company

Cost of Goods Sold Statement

For the month ended, January 31, 20xx

Direct materials used

Purchases 50,000.00
Less: Materials, ending 10,000.00
Direct labor
Factory overhead
Total manufacturing costs/Cost of goods manufactured
Less: Finished goods, ending
Cost of goods manufactured and sold - normal
Add: Underapplied factory overhead
Cost of goods sold - Actual

*Under/Overapplied factory overhead - compare control vs. applied

40,000.00 2 points
20,000.00 2 points
17,000.00 2 points Cash
77,000.00 Beg. 80,000.00
15,400.00 2 points 13 55,000.00
61,600.00
475.00 2 points 65,000.00
62,075.00 5 points

Materials
1 50,000.00

8,100.00

Finished Goods
10 77,000.00

15,400.00

Accum. Depreciation- Bldg.

Accum. Depr'n- Machine & Equipment

Accrued Payroll
3 36,000.00

Factory Overhead Control

2 1,900.00
4 7,000.00
5 3,375.00
6 2,500.00
7 2,700.00

17,475.00

Payroll
3 36,000.00

Sales
 Cash Accounts Receivable
36,000.00 3 12 86,240.00 55,000.00 13
34,000.00 11
31,240.00

Materials Work in Process

41,900.00 2 2 40,000.00 77,000.00 10
4 20,000.00
9 17,000.00

Finished Goods Building

61,600.00 12 Beg. 750,000.00

cum. Depreciation- Bldg. Machinery and Equipment

3,750.00 5 Beg. 150,000.00

Depr'n- Machine & Equipment Accounts Payable

2,500.00 6 11 34,000.00 50,000.00 1
3,000.00 7
1,500.00 8

20,500.00

Accrued Payroll Capital Stock

 36,000.00 3 980,000.00 Beg.

actory Overhead Control Selling and Admin Exp. Control

4 9,000.00
5 375.00
7 300.00
8 1,500.00

11,175.00

Payroll Cost of Goods Sold

36,000.00 4 12 61,600.00

Sales Factory Overhead Applied

83,240.00 12 17,000.00 9