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QUESTION

Cost of gods sold, Cost of goods manufactured Ebony Company has the following information for July: Cost of direct materials used in production 67200 Direct labor 88000 Factory ovehead 44800 Work in p

Cost of gods sold, Cost of goods manufactured

Ebony Company has the following information for July:

Cost of direct materials used in production

67200

Direct labor

88000

Factory ovehead

44800

Work in process inventory, July 1

32800

Work in process inventory, July 31

29600

Finished goods inventory, July 1

37600

Finished goods inventory, July 31

27200

a.     For July, determine the cost of goods manufactured.

Using the data given, prepared a statement of cost of goods Manufactured.

b.     For July, determine the cost of goods sold.

Using the data given, prepare a statement of cost of goods sold.

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ANSWER

a. For July, determine the cost of goods manufactured.

Ebony Company

Statement of Cost of Goods Manufactured

Working process inventroy, July 1 32800

Cost of direct materials used in production67200 

Direct labor88000 

Factory overhead44800 

Total manufacturing costs incurred during July 200000

Total manufacturing costs  232800

Less work in process inventory, July 31 -29600

Cost of goods manufactured 203200

b. For July, determine the cost of goods sold.

Ebony Company

Statement of Cost of Goods Sold

Finished goods inventory, July 1 37600

Cost of goods manufactured203200

Cost of finished goods available for sale240800

Less finished goods iventory, July 31-27200

Cost of goods sold213600

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