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  • Schedule of Cost of Goods Manufactured: Direct Materials

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    Lan Tran Hoang
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    The document shows a schedule of costs of goods manufactured including direct materials used of $110,000, direct labor of $70,000 and manufacturing overhead of $80,000 for a total manufacturing cost of $260,000. Adding beginning work in process of $10,000 and deducting ending work in process of $5,000 results in a total cost of goods manufactured of $265,000. This cost of $265,000 along with beginning and ending finished goods is used to calculate cost of goods sold of $250,000 on the income statement.

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    The document shows a schedule of costs of goods manufactured including direct materials used of $110,000, direct labor of $70,000 and manufacturing overhead of $80,000 for a total manufacturing cost of $260,000. Adding beginning work in process of $10,000 and deducting ending work in process of $5,000 results in a total cost of goods manufactured of $265,000. This cost of $265,000 along with beginning and ending finished goods is used to calculate cost of goods sold of $250,000 on the income statement.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    8 views2 pages

    Schedule of Cost of Goods Manufactured: Direct Materials

    Uploaded by

    Lan Tran Hoang
    The document shows a schedule of costs of goods manufactured including direct materials used of $110,000, direct labor of $70,000 and manufacturing overhead of $80,000 for a total manufacturing cost of $260,000. Adding beginning work in process of $10,000 and deducting ending work in process of $5,000 results in a total cost of goods manufactured of $265,000. This cost of $265,000 along with beginning and ending finished goods is used to calculate cost of goods sold of $250,000 on the income statement.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Schedule of Cost of goods manufactured

    Direct materials:
    Beginning raw materials inventory 7000
    Add: purchases of raw materials 118000
    Raw materials available for use 125000
    Deduct: ending raw materials inventory 15000
    Raw materials used in production 110000

    Direct labor 70000

    Manufacturing overhead 80000

    Total manufacturing costs 260000


    Add: beginning work in process inventory 10000
    Deduct: ending work in process inventory 5000
    Cost of goods manufactured 265000
    INCOME STATEMENT
    Sales 480000
    Cost of goods sold:
    Beginning finished goods inventory 20000
    Add: Cost of goods manufactured 265000
    Goods available for sales 285000
    Deduct: ending finished goods inventory 35000 250000
    Gross margin 230000
    Selling and administrative expenses
    Selling expense 35000
    Administrative expense 15000 50000
    Net operating income 430000
    180000

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