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pashok25 [27]
3 years ago
9

Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Material

s $167,500 $149,080 Work in process 112,230 99,880 Finished goods 85,430 99,880 Direct labor $301,500 Materials purchased during March 321,600 Factory overhead incurred during March: Indirect labor 32,160 Machinery depreciation 19,430 Heat, light, and power 6,700 Supplies 5,360 Property taxes 4,690 Miscellaneous costs 8,710 a. Prepare a cost of goods manufactured statement for March.
Business
1 answer:
snow_lady [41]3 years ago
4 0

Answer:

cost of goods manufactured= $730,920

Explanation:

Giving the following information:

Materials $167,500 $149,080

Work in process 112,230 99,880

Direct labor $301,500

Materials purchased during March 321,600

Factory overhead incurred during March:

Indirect labor 32,160

Machinery depreciation 19,430

Heat, light, and power 6,700

Supplies 5,360

Property taxes 4,690

Miscellaneous costs 8,710

Total overhead= $77,050

<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>

<u></u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 112,230 + (167,500 + 321,600 - 149,080) + 301,500 + 77,050 - 99,880

cost of goods manufactured= $730,920

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