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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