Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $210,000 $193,100 Work in process 435,900 510,400 Finished goods 586,200 615,900 Direct labor $3,500,000 Materials purchased during March 2,666,200 Factory overhead incurred during March: Indirect labor 320,000 Machinery depreciation 210,000 Heat, light, and power 175,000 Supplies 34,900 Property taxes 30,000 Miscellaneous costs 45,700 a. Prepare a cost of goods manufactured statement for March.

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Fatai1243 Fatai1243

22-07-2020
Business

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Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $210,000 $193,100 Work in process 435,900 510,400 Finished goods 586,200 615,900 Direct labor $3,500,000 Materials purchased during March 2,666,200 Factory overhead incurred during March: Indirect labor 320,000 Machinery depreciation 210,000 Heat, light, and power 175,000 Supplies 34,900 Property taxes 30,000 Miscellaneous costs 45,700 a. Prepare a cost of goods manufactured statement for March.

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Zviko Zviko · Answer 1 · 2020-07-23T02:26:18+02:00

Answer:

Cost of goods manufactured statement for March

Direct labor $3,500,000

Materials $2,683,100

Indirect labor $320,000

Machinery depreciation $210,000

Heat, light, and power $175,000

Supplies $34,900

Property taxes $30,000

Miscellaneous costs $45,700

Add Opening Work in process Inventory $435,900

Less Closing Work in process Inventory ($510,400)

Cost of goods manufactured $6,924,200

Explanation:

Prepare a Raw Materials T - Account to determine the cost transferred to Manufacturing Account for Raw Materials.

Raw Materials T - Account

Debits :

Opening Balance $210,000

Purchases $2,666,200

Totals $2,876,200

Credits :

Closing Balance $193,100

Materials transferred to Production $2,683,100

Totals $2,876,200

andromache andromache · Answer 2 · 2022-01-11T12:49:20+01:00

a. The preparation of the cost of goods manufactured is presented below:

Cost of goods manufactured statement for March

Direct labor $3,500,000

Materials $2,683,100

Indirect labor $320,000

Machinery depreciation $210,000

Heat, light, and power $175,000

Supplies $34,900

Property taxes $30,000

Miscellaneous costs $45,700

Add Opening Work in process Inventory $435,900

Less Closing Work in process Inventory ($510,400)

Cost of goods manufactured $6,924,200

Working note:

Raw Materials T - Account

Debits

Opening Balance $210,000

Purchases $2,666,200

Totals $2,876,200

Credits :

Closing Balance $193,100

Materials transferred to Production $2,683,100

Totals $2,876,200

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