- Statement of cost of goods manufactured for a manufacturing company
Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows:
| Inventories | March 1 | March 31 | ||||
| Materials | $220,800 | $203,030 | ||||
| Work in process | 458,310 | 536,650 | ||||
| Finished goods | 616,350 | 647,570 | ||||
| Direct labor | $3,680,000 | |||||
| Materials purchased during March | 2,803,310 | |||||
| Factory overhead incurred during March: | ||||||
| Indirect labor | 336,450 | |||||
| Machinery depreciation | 220,800 | |||||
| Heat, light, and power | 184,000 | |||||
| Supplies | 36,690 | |||||
| Property taxes | 31,540 | |||||
| Miscellaneous costs | 48,050 | |||||
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Open spreadsheet
- Prepare a cost of goods manufactured statement for March. Round your answers to the nearest dollar.
| Johnstone Manufacturing Company | ||||||
| Statement of Cost of Goods Manufactured | ||||||
| For the Month Ended March 31 | ||||||
| Indirect labor Machinery depreciation Supplies Work in process inventory, March 1 | $ | fill in the blank 3 | ||||
| Direct materials: | ||||||
|
Machinery depreciation Materials inventory, March 1 Supplies Work in process inventory, March 31 |
$ | fill in the blank 5 | ||||
|
Indirect labor Property taxes Purchases Work in process inventory, March 31 |
fill in the blank 7 | |||||
|
Cost of materials available for use Less work in process inventory, March 31 Supplies Work in process inventory, March 1 |
$ | fill in the blank 9 | ||||
|
Indirect labor Materials inventory, March 31 Miscellaneous cost Work in process inventory, March 31 |
fill in the blank 11 | |||||
|
Cost of direct materials used in production Less work in process inventory, March 31 Materials inventory, March 1 Total manufacturing costs |
$ | fill in the blank 13 | ||||
| Direct labor Indirect labor Machinery depreciation Supplies | fill in the blank 15 | |||||
| Factory overhead: | ||||||
|
Indirect labor Materials inventory, March 1 Materials inventory, March 31 Purchases |
$ | fill in the blank 17 | ||||
|
Direct labor Machinery depreciation Purchases Work in process inventory, March 31 |
fill in the blank 19 | |||||
|
Direct labor Heat, light, and power Materials inventory, March 1 Work in process inventory, March 31 |
fill in the blank 21 | |||||
|
Direct labor Materials inventory, March 1 Purchases Supplies |
fill in the blank 23 | |||||
|
Materials inventory, March 31 Property taxes Purchases Work in process inventory, March 31 |
fill in the blank 25 | |||||
|
Direct materials Miscellaneous costs Purchases Work in process inventory, March 31 |
fill in the blank 27 | |||||
| Total factory overhead | fill in the blank 28 | |||||
| Total manufacturing costs incurred during March | fill in the blank 29 | |||||
| Total manufacturing costs | $ | fill in the blank 30 | ||||
| Cost of materials available for use Direct materials Materials inventory, March 31 Work in process inventory, March 31 | fill in the blank 32 | |||||
| Cost of goods manufactured | $ | fill in the blank 33 | ||||
- Determine the cost of goods sold for March. Round your answer to the nearest dollar.
$fill in the blank 34
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