Concept introduction:
Cost of goods manufactured:
It is the cost which is also known as cost of goods completed, calculates the total value of inventory produced during the period and is ready for sale. In other word total amount of expense incurred to turn work in process inventory into finished goods.
Requirement 1:
To prepare:
The Schedule of Cost of Goods Manufactured.
Concept introduction:
Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product.
Cost of goods manufactured:
It is the cost which is also known as cost of goods completed, calculates the total value of inventory produced during the period and is ready for sale. In other word total amount of expense incurred to turn work in process inventory into finished goods.
Requirement 2:
To calculate:
The Cost of Goods sold.
Want to see the full answer?
Check out a sample textbook solutionChapter 1 Solutions
MANAGERIAL ACCOUNTING FUND. W/CONNECT
- Wachowski Company reported these cost data for the year 2017. Use the data to complete the following table. Total prime costs Total manufacturing overhead costs Total conversion costs Total product costs Total period costsarrow_forward1.Based on the data above. What is the cost of goods sold on January 1,2020? 2.Based on the data above. What is work in process on January 1, 2020?arrow_forwardUsing the information from XYZ company information attached, determine the cost of goods manufactured (finished) during the year.arrow_forward
- 4. Determine the prime cost & conversion cost of the cases manufactured. 5. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7. What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year?8. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?arrow_forwardCompute the following1. Cost of goods sold2. Work In process Jan 1 2016arrow_forwardd) Determine the prime cost & conversion cost of the cases manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. g) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?arrow_forward
- Use the information below for the year ended December, 2019 to prepare the Statement of Costs of Goods Manufactured:arrow_forwardPreparing a schedule of cost of goods manufactured Wilson Corp, a lamp manufacturer, provided the following information for the year ended December 31, 2018: Requirements Use the information to prepare a schedule of cost of goods manufactured. What is the unit product cost if Wilson manufactured 3,700 lamps for the year?arrow_forward1. Calculate the raw material used by Pro-Leather Company. 2. Calculate the indirect materials used by Pro-Leather Company. 3. What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? 4. Determine the prime cost & conversion cost of the cases manufactured. 5. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7. What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year?8. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?arrow_forward
- show full solution. Prepare a detailed cost of goods manufactured and sold statement for the year ended December 31, 2021arrow_forwardCost of goods sold, cost of goods manufactured. Timbuk 3 company has the following information for March: For March,determine (a) The cost of goods manufactured and (b) the cost of goods sold.arrow_forwardRamesh Abdul Industries Presents you the following data relating to the operations for the year ended on June 30, 2013.Required:Prepare cost of goods Manufactured and sold statement. *Please reply in 30 Minutesarrow_forward
- Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College PubPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegePrinciples of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College