Calculate the Cost of Goods Manufactured statement

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Reference no: EM132767977

Question - Johnny, Co. manufactures and sells motor bikes. During the year (2000), they completed the production of 15,000 bikes and sold a total of 15,250 bikes at a sales price of $225/bike. For all inventory accounts, they use a periodic, LIFO system. The following is selected information from Allen's financials:

Direct materials inventory, January 1 $135,000

Work in process inventory, January 1 $67,500

Finished goods inventory, January 1 $375,000 - 2,500 units (same cost/unit for all)

Purchase of direct materials $210,000

Purchase of indirect product materials $45,000

Depreciation, factory building $425,000

Depreciation, factory equipment $67,500

Depreciation, administrative buildings $185,000

Utilities, Insurance, property taxes on factory $275,000

Utilities, Insurance, property taxes on admin $38,500

Salaries of factory supervisors $335,000

Salaries of salespeople $385,000

Salary of President $110,000

Wages of assembly line workers $665,000

Income taxes $210,250

Direct materials inventory, December 31 $94,000

Work in process inventory, December 31 $56,500

Finished goods inventory, December 31 ??????

Required -

1. Calculate the Cost of Goods Manufactured statement for the year-ended 2000.

2. Calculate the cost/bike manufactured during the year-ended 2000.

Reference no: EM132767977

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