Please check if my statement of the cost of goods manufactured and sold in good form is correct. Put an explanation why is it correct or not. NILK SPECIALTY PRODUCTSSTATEMENT OF COST OF GOODS MANUFCTURE AND SOLDFor the month ended Januory 312020Raw materials – beginningP 20,000Add net Purchases254,000Raw materials available for use274,000Less raw materials – ending(32,000)Raw materials used242,000Add: Direct labor200,000Overhead:Rent on factory facilities62,000Depreciation on factoryIndirect labor cost30,00029,000Utilities expense8,400Insurance expense4,200Total overhead cost133,600Total manufacturing cost575,600Add work in process - beginning133,600Total goods placed in process709,200Less work in process – ending16,000Cost of goods manufactured573,600Add finished goods beginning30,000Total goods available for sale603,600Less finished goods ending48,000P 555,400Cost of goods manufactured and sold

Raw materials: It is the basic input required to manufacture the finished products. The raw…

NILK SPECIALTY PRODUCTS STATEMENT OF COST OF GOODS MANUFCTURE AND SOLD For the month ended January 31, 2020 Raw materials – beginning P 20,000 Add net Purchases 254,000 Raw materials available for use 274,000 Less raw materials – ending (32,000) Raw materials used 242,000 Add: Direct labor 200,000 Overhead: Rent on factory facilities Depreciation on factory 62,000 30,000 Indirect labor cost 29,000 Utilities expense 8,400 Insurance expense 4,200 Total overhead cost 133,600 Total manufacturing cost 575,600 Add work in process - beginning Total goods placed in process Less work in process – ending 133,600 709,200 16,000 Cost of goods manufactured Add finished goods beginning 573,600 30,000 Total goods available for sale Less finished goods ending 603,600 48,000 P 555400 Cost of goods manufactured and sold

NILK SPECIALTY PRODUCTS STATEMENT OF COST OF GOODS MANUFCTURE AND SOLD For the month ended January 31, 2020 Raw materials – beginning P 20,000 Add net Purchases 254,000 Raw materials available for use 274,000 Less raw materials – ending (32,000) Raw materials used 242,000 Add: Direct labor 200,000 Overhead: Rent on factory facilities Depreciation on factory 62,000 30,000 Indirect labor cost 29,000 Utilities expense 8,400 Insurance expense 4,200 Total overhead cost 133,600 Total manufacturing cost 575,600 Add work in process - beginning Total goods placed in process Less work in process – ending 133,600 709,200 16,000 Cost of goods manufactured Add finished goods beginning 573,600 30,000 Total goods available for sale Less finished goods ending 603,600 48,000 P 555400 Cost of goods manufactured and sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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