Reference no: EM132560487
Cost of Goods Manufactured
Northern Illinois Manufacturing provides products and services needed to irrigate farms, parks, commercial products, and private homes. It has a centrally located factory that manufactures the products it markets to retail outlets across the nation. The month of November has just ended and Northern Illinois needs to generate a cost of goods manufactured and cost of goods sold for its income statement. The application of overhead is based on direct labor hours. At the beginning of the year, the company estimated direct labor hours of 42,000 and total estimated overhead of $2,142,000.
During the month of November, the number of direct labor hours was 3,300. The following additional data for November is provided:
Indirect Materials in Manufacturing Overhead $ 17,500
Advertising Expense 52,000
Depreciation - Factory Equipment 17,500
Depreciation - Office Equipment 2,900
Direct Labor 44,000
Factory Supplies 16,300
Factory Utilities 10,500
Finished Goods Inventory - November 30 71,800
Finished Goods Inventory - October 31 73,500
Indirect Labor 45,000
Office Supplies Expense 1,900
Other Administrative Expenses 71,000
Raw Materials Inventory - November 30 53,000
Raw Materials Inventory - October 31 41,000
Raw Materials Purchases 186,500
Rent - Factory Equipment 45,000
Repairs - Factory Equipment 5,400
Salaries 335,000
Sales 1,425,000
Sales Commissions 42,750
Work In Process Inventory - November 30 44,000
Work In Process Inventory - October 31 51,000
Property Tax on Factory 5,500
Instructions:
Question 1: From the above information, prepare a cost of goods manufactured schedule, cost of goods sold schedule, and an income statement to the net operating income.
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