Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the followi
ID: 2329309 • Letter: C
Question
Cost of Goods Sold, Cost of Goods Manufactured
Glenville Company has the following information for April:
a. For April, determine the cost of goods manufactured.
Using the data given, prepare a statement of Cost of Goods Manufactured.
b. For April, determine the cost of goods sold.
Using the data given, prepare a statement of Cost of Goods Sold.
Cost of direct materials used in production $ 44,000 Direct labor 57,000 Factory overhead 27,000 Work in process inventory, April 1 38,000 Work in process inventory, April 30 40,000 Finished goods inventory, April 1 24,000 Finished goods inventory, April 30 16,000Explanation / Answer
a. Statement of cost of goods manufactured
b. Statement of cost of goods sold
Particulars Amount($) Amount($) Direct materials used in production $44000 Direct labor $57000 Factory overhead $27000 Total manufacturing overhead $128000 Beginning work in process $38000 Ending work in process ($40000) Cost of goods manufactured $126000.