StorSmart Company makes plastic organizing bins. The company has the following i
ID: 2512871 • Letter: S
Question
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory Ending Inventory Raw materials Work in process Finished goods S29,200 22,200 79,900 $25,600 45,400 68,500 Additional information for the month of March follows: StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 41,500 1,800 62,500 36,000 24,400 238,000 Required 1. Based on the above information, prepare a cost of goods manufactured report. (See the Learn Discussion Board Ch 2 Questions for a Template since the answer contains blank lines) STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production Total Current Manufacturing Costs Total Work in Process Cost of Goods ManufacturedExplanation / Answer
Cost of goods Manufactured Beginning raw materials inventory 29,200 Add:Raw materials purchases 41,500 less:Indirect materials 1,800 less:ending raw materials inventory 25,600 Direct materials used in prodution 43,300 direct labor 62,500 manufacturing overhead 36,000 total current manfuacturing costs 141,800 Add:Beginning work in process 22,200 Total work in process 164,000 less:ending work in process inventory 45,400 Cost of goods manufactured 118,600 Income Statement sales revenue 238,000 cost of goods sold Beginning finished goods inventory 79,900 add Cost of goods manufactured 118,600 cost of goods avaiable for sakes 198,500 less ending finished goods inventory 68,500 cost of goods sold 130,000 Gross profit 108,000 less:operating expense (Selling & adm expense) 24,400 net operating income 83,600