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Cost Accounting

The documents show cost of goods sold statements for three companies - Gizelle, ABC, and an unnamed company. They track raw materials purchases and usage, direct labor costs, factory overhead, work in process, finished goods inventory, and ultimately cost of goods sold. Gizelle's cost of goods sold for the period was $170,000. ABC's was $22,000. The third company's cost of goods manufactured for the period was $219,000.

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Maricar Roque
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147 views2 pages

Cost Accounting

The documents show cost of goods sold statements for three companies - Gizelle, ABC, and an unnamed company. They track raw materials purchases and usage, direct labor costs, factory overhead, work in process, finished goods inventory, and ultimately cost of goods sold. Gizelle's cost of goods sold for the period was $170,000. ABC's was $22,000. The third company's cost of goods manufactured for the period was $219,000.

Uploaded by

Maricar Roque
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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A.

Gizelle Company
Cost of Goods Sold Statement
As of May 31

Raw Materials Inventory 78,000.00


Add: Purchases 14,500.00
Total Raw Materials Available for Use 92,500.00
Less: Raw Materials, Inventory End. 120,000.00
Raw Material Used 80,500.00
Direct Labor 23,500.00
Factoru Overhead 50,000.00
Total Manufacturing Cost 154,000.00
Add: Work in Process Beg. 2,000.00
Total Cost Placed in Process 156,000.00
Less: Work in Process End. 4,000.00
Cost of Goods Manufactured 152,000.00
Add: Finished Goods Inventory Beg. 20,000.00
Total Goods Available for Sale 172,000.00
Les: Finished Goods Inventory End. 7,000.00
Cost of Goods Sold - Normal 165,000.00
Add: Under Applied FOH 5,000.00
Cost of Good Sold - Actual 170,000.00

ABC Company
Statement of Cost of Goods Manufactured and Sold
As of January 31

B.
Raw Materials Inventory 15,000.00
Add: Purchases 35,000.00
Total Raw Materials Available for Use 50,000.00
Less: Raw Materials, Inventory End. 6,000.00
Raw Material Used 20,000.00
Direct Labor 44,000.00
Factoru Overhead 22,000.00
Total Manufacturing Cost 86,000.00
Add: Work in Process Beg. -
Total Cost Placed in Process 86,000.00
Less: Work in Process End. 126,000.00
Cost of Goods Manufactured 40,000.00
Add: Finished Goods Inventory Beg. 10,000.00
Total Goods Available for Sale 50,000.00
Les: Finished Goods Inventory End. 30,000.00
Cost of Goods Sold - Actual 20,000.00
Add: Under Applied FOH 2,000.00
Cost of Good Sold - Actual 22,000.00

C.

Raw Materials Inventory 22,500.00


Add: Purchases 135,900.00
Total Raw Materials Available for Use 158,400.00
Less: Raw Materials, Inventory End. 27,000.00
Raw Material Used 131,400.00
Direct Labor 52,500.00
Factoru Overhead 37,500.00
Total Manufacturing Cost 221,400.00
Add: Work in Process Beg. 44,100.00
Total Cost Placed in Process 265,500.00
Less: Work in Process End. 46,500.00
Cost of Goods Manufactured 219,000.00

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