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  • Schedule of COGM Problem 2

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    Jhoanne Nagutom
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    The document outlines the calculation of cost of goods manufactured (COGM) and cost of goods sold (COGS) for a manufacturing company. It provides details on direct material costs, direct labor costs, manufacturing overhead costs, and beginning and ending work-in-progress inventory to calculate the COGM of $1,650,000. It then uses beginning finished goods inventory, COGM, and ending finished goods inventory to calculate COGS of $1,700,000 for the income statement.

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    The document outlines the calculation of cost of goods manufactured (COGM) and cost of goods sold (COGS) for a manufacturing company. It provides details on direct material costs, direct labor costs, manufacturing overhead costs, and beginning and ending work-in-progress inventory to calculate the COGM of $1,650,000. It then uses beginning finished goods inventory, COGM, and ending finished goods inventory to calculate COGS of $1,700,000 for the income statement.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    1 views2 pages

    Schedule of COGM Problem 2

    Uploaded by

    Jhoanne Nagutom
    The document outlines the calculation of cost of goods manufactured (COGM) and cost of goods sold (COGS) for a manufacturing company. It provides details on direct material costs, direct labor costs, manufacturing overhead costs, and beginning and ending work-in-progress inventory to calculate the COGM of $1,650,000. It then uses beginning finished goods inventory, COGM, and ending finished goods inventory to calculate COGS of $1,700,000 for the income statement.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 2

    1. Schedule of COGM 2.

    COGS
    Direct Material Cost FG Inv. Jan 1
    RM Inv, Jan 1 90000 Add: COGM
    Add: Purchases of RM 750000 Avail. Units for Sale
    Avail. RM for production 840000 Deduct: FG Inv. Dec 31
    Deduct: RM Inv. Dec 31 60000 780000 COGS

    Direct Labor Cost 150000 3. Income Statement


    Sales
    Manufacturing Overhead Cost Deduct: COGS
    Utilities, Factory 36000 Gross Margin
    Insurance, Factory 40000 Non-Manufacturing Cost
    Depreciation, Factory 162000 Selling Expense
    Supplies, Factory 15000 Admin Expense
    Maintenance, Factory 87000 Net Income
    Indirect Labor 300000 640000

    Total Manufacturing Cost 1570000


    Add: WIP Inv. Jan 1 180000
    Avail. Units in production 1750000
    Deduct: WIP Inv. Dec 31 100000
    COGM 1650000
    260000
    1650000
    1910000
    210000
    1700000

    2500000
    1700000
    800000

    140000
    270000
    390000

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