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P5 4

The Columbus Company cost of goods sold statement for October shows that $29,800 was spent on direct materials and $18,600 on direct labor for a total manufacturing cost of $75,850. After adding $4,070 in work in process from October 1st and subtracting $4,440 in work in process from October 31st, the cost of goods manufactured was $75,480. Adding the $9,800 in finished goods from October 1st and subtracting the $9,250 in finished goods on October 31st, the total cost of goods sold for the month was $76,030. The income statement shows net sales of $143,600 and an income from operations of $22,730

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605 views2 pages

P5 4

The Columbus Company cost of goods sold statement for October shows that $29,800 was spent on direct materials and $18,600 on direct labor for a total manufacturing cost of $75,850. After adding $4,070 in work in process from October 1st and subtracting $4,440 in work in process from October 31st, the cost of goods manufactured was $75,480. Adding the $9,800 in finished goods from October 1st and subtracting the $9,250 in finished goods on October 31st, the total cost of goods sold for the month was $76,030. The income statement shows net sales of $143,600 and an income from operations of $22,730

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rama
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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P5-4

Columbus Company
Cost of Goods Sold Statement
October 31, 20..

Direct Materials
Materials and supplies, October 01 40,700
Purchase 24,800
Materials available for use 65,500
less : Materials and supplies, October 31 31,750
Supplies used 3,950
Direct Materials Used 29,800
Direct Labor 18,600
Applied Factory Overhead 27,450
Manufacturing Cost 75,850
Add : Work In Process, october 01 4,070
79,920
Less : Work In Process, october 31 4,440
Cost of Goods Manufacture 75,480
Add : finished Goods, October 01 9,800
85,280
Less : finished Goods, October 31 9,250
Cost of Goods Sold 76,030

Columbus Company
Income Statement
October 31, 20..
Sales 144,900
Less : Sales Return and allowance 1,300
Net Sales 143,600
Cost Of Goods Sold 76,030
Gross Profit 67,570
Operating Expense
Marketing Expense 25,050
Depreciation - Building 30
Depreciation -office equipment 16 25,096
Administrative Expense 19,700
Depreciation - Building 20
Depreciation -office equipment 24 19,744
Income From Operating 22,730

Amount of overapplied or underapplied factory overhead :


Actual factory overhead :
Factory overhead 20,100
Indirect materials 3,950
Depreciation—building 150
Depreciation—machinery and equipment 800
Indirect labor 4,400
29,400
Applied factory overhead 27,450
Underapplied factory overhead 1,950

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