Prepare a statement of cost of goods sold

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Reference no: EM133492604

Question: Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement

ABC Corporation has provided the following data for the month of December:

December 1 December 31
Finished Goods Inventory $36,000 $52,400
Raw Materials Inventory 46,600 34,800
Work-in-Process Inventory 73,200 60,000
Selling Expenses 35,000
Administrative Costs 95,000
Salaries and Wages for Office Employees 98,000

The company also provided the following information for the month of December:

Raw materials purchased ............ $164,000
Indirect materials used ............... 47,800
Factory payroll costs were $197,000 of which 85% was related to direct labor.
Factory overhead charges for depreciation, insurance, utilities, and maintenance totaled $150,000
Sales in the month of December were $400,000

Required: To earn full or partial marks, show all calculations in good form.

Question 1. Prepare a Schedule of Cost of Goods Manufactured in good form for December.

Question 2: Prepare a Statement of Cost of Goods Sold in good form for December.

Question 3: As a manager, how would you use the information in the schedule of goods manufactured, and cost of goods sold?

Reference no: EM133492604

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