Messinger Manufacturing Company had the following account balances for the quart
ID: 2469521 • Letter: M
Question
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted:
Work-in-process inventory (January 1) $ 140,400
Work-in-process inventory (March 31) 171,000
Finished goods inventory (January 1) 540,000
Finished goods inventory (March 31) 510,000
Direct materials used 378,000
Indirect materials used 84,000
Direct manufacturing labor 480,000
Indirect manufacturing labor 186,000
Property taxes on manufacturing plant building 28,800
Salespersons' company vehicle costs 12,000
Depreciation of manufacturing equipment 264,000
Depreciation of office equipment 123,600
Miscellaneous plant overhead 135,000
Plant utilities 92,400
General office expenses 305,400
Marketing distribution costs 30,000
Required: a. Prepare a cost of goods manufactured schedule for the quarter.
b. Prepare a cost of goods sold schedule for the quarter.
how do i do this?
Explanation / Answer
Cost of goods manufactured schedule Meterial Cost Raw meterial Used 3,78,000 Direct labour cost 4,80,000 Overhead cost Indirect Labour 1,86,000 Indirect Meterial 84,000 Property taxes on manufacturing plant building 28,800 Depreciation of manufacturing equipment 2,64,000 Miscellaneous plant overhead 1,35,000 Plant utilities 92,400 Total Manufactoring cost 7,90,200 Add: Beginning work in progress 1,40,400 Less: Ending work in progress -1,71,000 Cost of goods manufactured 7,59,600 Cost of goods sold schedule Beginning finished goods inventory 5,40,000 Add: Cost of goods manufactured 7,59,600 Less: Ending finished goods inventry -5,10,000 Cost of goods sold 7,89,600