Answer:
Cost Of Goods Manufactured 363560
Explanation:
Robstown Corporation
Statement of Cost of Goods Manufactured.
For the year 20Y8:
Inventories January 1 Materials $77,600
Add Materials purchased 123,200
Less December 31 Materials $93,600
Materials Used $ 107,200
Direct labor 186,700
Factory Overhead 57360
Indirect labor 24,860
Heat, light, and power-factory 5,900
Depreciation expense-factory equipment 14,000
Rent expense-factory 6,375
Property taxes-factory 4,005
Supplies-factory 3,500
Miscellaneous costs-factory 4,620
Total Manufacturing Costs $ 351260
Add Work in process Beginning 109,000
Cost Of Goods Available for Manufacture 460260
Less Work in process Ending 96,700
Cost Of Goods Manufactured 363560
We add the Direct Material used Direct Labor And FOH to get the total manufacturing costs.
When we add the given figures according to the format of the Cost of Goods manufactured Statement we get the cost of goods manufactured.
The cost of goods sold statement is shown to show the difference between the cost of goods manufactured and cost of goods sold statement.
Robstown Corporation
Statement of Cost of Goods Sold.
For the year 20Y8:
Cost Of Goods Manufactured 363560
Finished goods Beginning 112,000
Cost Of Goods Available for Sale 475560
Finished goods Ending 109,900
Cost Of Goods Sold 365, 660
The income statement is given to show the difference between FOH items and Selling expenses.
Robstown Corporation
Income Statement .
For the year 20Y8:
Sales 862,000
Cost Of Goods Sold 365, 660
Gross Profit 496,340
Advertising expense $ 69,000
Depreciation expense-office equipment 23,000
Office salaries expense 75,800
Property taxes-office building 12,600
Sales salaries expense 135,000
Net Income $ 180940
