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  • Cost of Goods Sold

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    Venus Palmenco
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    This document outlines the calculation of cost of goods sold (COGS) for a manufacturing company. It starts with materials available and purchases, then calculates direct materials used and direct labor costs added to manufacturing overhead to get the cost of goods manufactured. It then factors in beginning and ending work-in-process and finished goods inventories to determine the COGS of $63,440.

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    This document outlines the calculation of cost of goods sold (COGS) for a manufacturing company. It starts with materials available and purchases, then calculates direct materials used and direct labor costs added to manufacturing overhead to get the cost of goods manufactured. It then factors in beginning and ending work-in-process and finished goods inventories to determine the COGS of $63,440.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    3 views1 page

    Cost of Goods Sold

    Uploaded by

    Venus Palmenco
    This document outlines the calculation of cost of goods sold (COGS) for a manufacturing company. It starts with materials available and purchases, then calculates direct materials used and direct labor costs added to manufacturing overhead to get the cost of goods manufactured. It then factors in beginning and ending work-in-process and finished goods inventories to determine the COGS of $63,440.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Cost of Goods Sold

    Materials, beginning P44,000

    Purchases P56,000

    Purchase Return (2,000) P54,000

    Total Materials available for use P98,000

    Materials, ending (P49,600)

    Indirect materials used (6,000-600) (P5,400)

    Direct materials used 43,000

    Direct labor 66,800

    Factory Overhead (66,800*80%) 53,440

    Manufacturing Cost 163,240

    Work-in-Process, beginning 37,000

    Cost of Goods Placed into the Process P200,240

    Work-in-Process, ending (55,800)

    Cost of Goods Manufactured 144,440

    Finished Goods, beginning 50,000

    Total Cost of Goods Available for Sale P194,440

    Finished Goods, ending (131,000)

    COST OF GOODS SOLD P63,440

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