StorSmart Company makes plastic organizing bins. The company has the following i
ID: 2516048 • 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 $29,200 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 $ 29,200 41,500 1,800 25,600 $43,300 62,500 36,000 Beginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials Used in Production Direct Labor Total Current Manufacturing Costs 141,800 22,200 $164,000 45,400 $118,600 Plus: Beginning Work in Process Inventory Total Work in Process Less: Ending Work in Process Inventory Cost of Goods ManufacturedExplanation / Answer
COST OF GOODS MANUFACTURED REPORT beginning raw material 29200 Plus: raw material purchases 41500 Less: Indirect material used -1800 Less: ending raw material -25600 Direct material used in production 43300 Direct labour 62500 Manufacturing Overheads 36000 Total Current manufacturing Cost 141800 Plus: Beginning WIP 22200 Total Work in process 164000 Less: Ending WIP -45400 Cost of Goods manufactured 118600 INCOME STATEMENT Sales revenue 238000 less: Cost of goods sold beginning Finished goods inventory 79900 Plus: Cost of goods manufactured 118600 cost of goods available for sale 198500 less: Ending finished goods inventory -68500 Cost of Goods sold 130000 Gross profit 108000 Selling, General and admin expense 24400 Net income 83600