Cost of Goods Manufactured Jones, Inc. manufactures min IPads. During March, Jon
ID: 2587605 • Letter: C
Question
Cost of Goods Manufactured Jones, Inc. manufactures min IPads. During March, Jones transactions and accounts included the following Work in process inventory, November 1st Work in process inventory, November 30th Raw materials inventory, November 1st Raw materials inventory, November 30th Sales Direct labor cost Manufacturing overhead Raw materials purchased Finished goods inventory, November 1st Finished goods inventory, November 30th $8,800 7,500 4,600 5,800 42,000 55,000 49,600 139,900 12,300 11,600 Instructions a. How much is the cost of direct materials issued in production during November? b. Calculate the cost of goods manufactured. c. Calculate cost of goods sold.Explanation / Answer
a Cost of direct materials issued = 4600+139900-5800= 138700 b Raw materials used 138700 Direct labor 55000 Manufacturing overhead 49600 Current manufacturing costs 243300 Add: Work in Process, Nov 1 8800 252100 Less: Work in Process, Nov 30 7500 Cost of goods manufactured 244600 c Finished goods inventory, Nov 1 12300 Cost of goods manufactured 244600 Cost of goods available for sale 256900 Less: Finished goods inventory, Nov 30 11600 Cost of goods sold 245300