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    Farside Manufacturing Company Statement of Cost of Goods Manufactured For The Year Ended December 31 Direct Materials Used

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    Jane Villanueva
    Farside Manufacturing Company incurred $1,130,000 in total manufacturing costs for the year ended December 31. This was comprised of $490,000 in direct materials used, $380,000 in direct labor, and $260,000 in manufacturing overhead. After adjusting for changes in work in process inventory, the cost of goods manufactured was $1,100,000. For the full year, Farside had sales of $1,800,000 and cost of goods sold of $1,090,000, resulting in a gross margin of $710,000 and income from operations of $210,000 after deducting $500,000 in operating expenses.

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    Farside Manufacturing Company Statement of Cost of Goods Manufactured For The Year Ended December 31 Direct Materials Used

    Uploaded by

    Jane Villanueva
    166 views3 pages
    Farside Manufacturing Company incurred $1,130,000 in total manufacturing costs for the year ended December 31. This was comprised of $490,000 in direct materials used, $380,000 in direct labor, and $260,000 in manufacturing overhead. After adjusting for changes in work in process inventory, the cost of goods manufactured was $1,100,000. For the full year, Farside had sales of $1,800,000 and cost of goods sold of $1,090,000, resulting in a gross margin of $710,000 and income from operations of $210,000 after deducting $500,000 in operating expenses.

    Original Title

    MANUFACTURING.

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    Farside Manufacturing Company incurred $1,130,000 in total manufacturing costs for the year ended December 31. This was comprised of $490,000 in direct materials used, $380,000 in direct labor, and $260,000 in manufacturing overhead. After adjusting for changes in work in process inventory, the cost of goods manufactured was $1,100,000. For the full year, Farside had sales of $1,800,000 and cost of goods sold of $1,090,000, resulting in a gross margin of $710,000 and income from operations of $210,000 after deducting $500,000 in operating expenses.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    166 views3 pages

    Farside Manufacturing Company Statement of Cost of Goods Manufactured For The Year Ended December 31 Direct Materials Used

    Uploaded by

    Jane Villanueva
    Farside Manufacturing Company incurred $1,130,000 in total manufacturing costs for the year ended December 31. This was comprised of $490,000 in direct materials used, $380,000 in direct labor, and $260,000 in manufacturing overhead. After adjusting for changes in work in process inventory, the cost of goods manufactured was $1,100,000. For the full year, Farside had sales of $1,800,000 and cost of goods sold of $1,090,000, resulting in a gross margin of $710,000 and income from operations of $210,000 after deducting $500,000 in operating expenses.

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    MANUFACTURING

    Farside Manufacturing Company


    Statement of cost of goods manufactured
    For the year ended December 31

    Direct Materials Used:


    Raw Materials inventory, January 1 40,000
    Raw Materials purchases 480,000
    Less: Raw Materials inventory, December 31 30,000
    Raw Materials used 490,000
    Less: Indirect Materials Used 0
    Direct Materials Used 490,000
    Direct labor 380,000
    Manufacturing overhead:
    Indirect labor 120,000
    Maintenance and repairs expense 60,000
    Factory utilities expense 10,000
    Depreciation expense – factory building 20,000
    Depreciation expense – factory equipment 30,000
    Other expense – factory 20,000
    Total manufacturing overhead 260,000
    Total Manufacturing Cost 1,130,000
    Add: Work in process inventory, January 1 30,000
    Less: Work in process inventory, December 31 -60,000
    Cost of goods manufactured 1,100,000
    Farside Manufacturing Company
    Income statement
    For the year ended December 31

    Sales
    Cost of goods sold:
    Finished goods inventory, January 1
    Cost of goods manufactured
    Cost of goods available for sale
    Less: Finished goods inventory, December 31
    Cost of goods sold
    Gross margin (Sales – Cost of goods sold)
    Operating expenses:
    Selling expenses
    Administrative expenses
    Total operating expenses
    Income from operations
    Manufacturing Company
    me statement
    ar ended December 31

    1,800,000

    50,000
    1,100,000
    $1,150,000
    60,000
    1,090,000
    710,000

    300,000
    200,000
    500,000
    210,000

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