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In our assignments should we use a table as shown in solutions or we can just simply write as an equation?  Secondly, what will be statement of cost of goods manufactured?

In our assignments should we use a table as shown in solutions or we can just simply write as an equation?  Secondly, what will be statement of cost of goods manufactured?

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 13DQ: In assigning costs to goods transferred out, how do the weighted average and FIFO methods differ?
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Hi, In our assignments should we use a table as shown in solutions or we can just simply write as an equation?  Secondly, what will be statement of cost of goods manufactured?

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In professor's notes, i noticed he added factory overhead cost. Please find the solution i posted actually. 

Solution #31 WIP, January 1, 2018 Direct materials: Tippy Cup Co Statement of cost of goods manufactured For the year ended December 31, 2018 Material inventory, January 1,2018 Purchases $15000 $18750 Cost of material available for use $ 33750 Less material inventory, december 31, 2018 $13900 Cost of direct material used Direct labor Factory overhead Total manufacturing costs incurred Total manufacturing costs Less WIP inventory, December 31, 2018 Cost of goods manufactured $19850 $2575 $10550 $98750 $32975 $131725 $92350 $39375
Transcribed Image Text:Solution #31 WIP, January 1, 2018 Direct materials: Tippy Cup Co Statement of cost of goods manufactured For the year ended December 31, 2018 Material inventory, January 1,2018 Purchases $15000 $18750 Cost of material available for use $ 33750 Less material inventory, december 31, 2018 $13900 Cost of direct material used Direct labor Factory overhead Total manufacturing costs incurred Total manufacturing costs Less WIP inventory, December 31, 2018 Cost of goods manufactured $19850 $2575 $10550 $98750 $32975 $131725 $92350 $39375
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