The following information pertains to Bluegrass Manufacturing Company for March 2003. Assume actual overhead equaled applied overhead. March 1 Inventory Balances Raw Materials 95,000 Work in Process 120,000 Finished Goods
Discuss: - What items make up cost of goods sold? - Why is calculating the cost of goods sold important? - How does beginning and ending inventory affect cost of goods sold? - How does an insurance company calculate cost of goods sold?
I'm not sure how to get the cost of goods manufactured without having data like rent, utilites and so on... There is a formula but I don't think I'm using the correct numbers. Thanks for your help! AMFAC COMPANY Cost of Goods Manufactured (3) Units Direct materials cost Direct labor cost Manufacturing overhead
The following data (in thousands of dollars) have been taken from accounting records of Larkin Corporation for the just completed year. Sales................................................820.00 Purchase of raw materials........................180.00 Direct labor..........................................130.00 Manufactu
Champs, Inc incurred the following costs during March: Selling Expenses $31,675 Direct Labor $56,628 Interest Expense 8,213 Manufacturing overhead, actual 40,950 Raw Materials, used 92,196 Administrative expenses
My company's beginning Finished Goods Inventory was $10,000 and the ending Finished Goods Inventory was $20,000. Raw Materials used in production totaled $5,000. The Cost of Goods Manufactured was $60,000. What was the Cost of Goods Sold?
My business is a merchandising company. Last month the company's merchandise purchases totaled $86,000. The company's beginning merchandise inventory was $15,000 and its ending merchandise inventory was $11,000. What was the company's cost of goods sold for the month?
1. Craft Manufacturing Company's accounting records reflect the following inventories: Dec. 31, 2002 Dec. 31, 2001 Raw materials inventory $310,000 $260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2002, $500,000 of raw materials were purchased, direct labor costs a
At May 31, 2002, the accounts of Corrales Manufacturing Company show the following. 1. May 1 inventories-finished goods $12,600, work in process $14,700, and raw materials $8,200. 2. May 31 inventories-finished goods $10,500, work in process $17,900, and raw materials $7,100. 3. Debit postings to work in process were: d
For the current year, the following data were taken from the accounting records: Sales, $900,000; Sales Returns and Allowances, $30,000; Purchases, $500,000; Purchase Returns and Allowances, $8,000; Discount received, $4,000; Freight-in, $2,000; Beginning Inventory, $90,000; Ending Inventory, $130,000. What was the cost of goods