Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods

Question

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. (Input all amounts as positive values. Omit the "$" sign in your response.)

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Required:

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. (Input all amounts as positive values. Omit the "$" sign in your response.)

pls help - will give thumbs up and ratings to correct answer :)

thank you

Pirk Corporation has provided the following data for the month of March Beginning Ending $30,000 S39,000 $11,000 $20,000 $ 49,000 S35,000 Inventories Raw materials Work in process Finished goods Additional Information: Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to work in process $ 78,000 $87,000 $ 42,800 $ 6,900 $44,300

Explanation / Answer

Schedule of Cost of Goods Manufactured:

Schedule of " Cost of Goods Sold" :

Raw Material Utilised: Opening Raw Material $30000 Add: Purchases 78000 108000 Less: Indirect Raw Materials 6900 Less: Closing Raw Material balance 39000 $62100 Direct Labor Cost $87000 Manufacturing Overhead cost (applied) $44300 Total cost of goods manufactured $193400

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