Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter 10, Problem 8E
a.
To determine
The total product cost for the year.
b.
To determine
The total cost of the final inventory.
c.
To determine
The total cost of goods sold.
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Cost Flow Relationships
The following information is available for the first year of
operations of Creston Inc., a manufacturer of fabricating
equipment:
Sales
Gross profit
Indirect labor
Indirect materials
Other factory overhead
Materials purchased
Total manufacturing costs for the period
Materials inventory, end of period
$1,337,000
361,000
120,300
49,500
22,700
681,900
1,476,000
49,500
Using the above information, determine the following
amounts:
a. Cost of goods sold
b. Direct materials cost
c. Direct labor cost
Question Content Area
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows:
Inventories
March 1
March 31
Materials
$217,500
$184,880
Work in process
147,900
125,720
Finished goods
113,100
123,870
Direct labor
$391,500
Materials purchased during March
417,600
Factory overhead incurred during March:
Indirect labor
41,760
Machinery depreciation
25,230
Heat, light, and power
8,700
Supplies
6,960
Property taxes
6,090
Miscellaneous costs
11,310
Statement of cost of goods manufactured for a manufacturing company
Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows:
Inventories
March 1
March 31
Materials
$230,400
$211,850
Work in process
478,240
559,960
Finished goods
643,150
675,710
Direct labor
$3,840,000
Materials purchased during March
2,925,200
Factory overhead incurred during March:
Indirect labor
351,080
Machinery depreciation
230,400
Heat, light, and power
192,000
Supplies
38,280
Property taxes
32,910
Miscellaneous costs
50,140
Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar.
Johnstone Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended March 31
Chapter 10 Solutions
Survey Of Accounting
Ch. 10 - 1. What are some differences between financial and...Ch. 10 - 2. What does the value-added principle mean as it...Ch. 10 - 4. How does product costing used in financial...Ch. 10 - 5. What does the statement costs can be assets or...Ch. 10 - 6. Why are the salaries of production workers...Ch. 10 - 7. How do product costs affect the financial...Ch. 10 - 8. What is an indirect cost? Provide examples of...Ch. 10 - 9. How does a product cost differ from a selling,...Ch. 10 - 10. Why is cost classification important to...Ch. 10 - 11. What is cost allocation? Give an example of a...
Ch. 10 - 13. What are some of the common ethical conflicts...Ch. 10 - 14. What costs should be considered in determining...Ch. 10 - 15. What is a just-in-time (JIT) inventory system?...Ch. 10 - Prob. 14QCh. 10 - Prob. 15QCh. 10 - Prob. 16QCh. 10 - Prob. 17QCh. 10 - Prob. 18QCh. 10 - Prob. 19QCh. 10 - Prob. 1ECh. 10 - Exercise 1-2A Identifying product versus selling,...Ch. 10 - Prob. 3ECh. 10 - Prob. 4ECh. 10 - Prob. 5ECh. 10 - Exercise 1-6A Identifying product versus SGA costs...Ch. 10 - LO 1-3 Exercise 1-7A Recording product versus SGA...Ch. 10 - Prob. 8ECh. 10 - LO 1-4 Exercise 1-9A Upstream, midstream, and...Ch. 10 - Prob. 10ECh. 10 - Prob. 11ECh. 10 - Prob. 12ECh. 10 - Prob. 13ECh. 10 - Cost of goods manufactured and sold The following...Ch. 10 - Prob. 15ECh. 10 - Exercise 1-14A Using JIT to minimize waste and...Ch. 10 - Prob. 17ECh. 10 - Prob. 18ECh. 10 - Prob. 19ECh. 10 - Prob. 20ECh. 10 - Problem 1-19A Characteristics of financial versus...Ch. 10 - Prob. 22PCh. 10 - Problem 1-21A Effect of product versus period...Ch. 10 - Problem 1-22A Product versus SGA costs The...Ch. 10 - Prob. 25PCh. 10 - Prob. 26PCh. 10 - Prob. 27PCh. 10 - Prob. 28PCh. 10 - Prob. 29PCh. 10 - Prob. 30PCh. 10 - Prob. 31PCh. 10 - Prob. 32PCh. 10 - Prob. 1ATCCh. 10 - Prob. 2ATCCh. 10 - Prob. 3ATCCh. 10 - Prob. 4ATCCh. 10 - Ethical Dilemma Product cost versus selling and...
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