At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected...
Question:
At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016:
| Materials inventory, January 1 | $25,000 |
| Materials inventory, December 31 | 15,000 |
| Work in process inventory, January 1 | 30,000 |
| Work in process inventory, December 31 | 41,000 |
| Finished goods inventory, January 1 | 51,000 |
| Finished goods inventory, December 31 | 36,000 |
| Net delivered cost of materials purchased | 125,000 |
| Direct labor | 148,000 |
| Indirect material | 12,000 |
| Indirect labor | 37,000 |
| Factory supplies used | 10,000 |
| Factory depreciation | 65,000 |
| Factory repairs and maintenance | 21,000 |
| Selling expenses (total) | 62,000 |
| Non-factory administrative expenses (total) | 58,000 |
Prepare a schedule of the cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31, 2016, assuming that there were no other manufacturing overhead items than those listed above.
Cost of Goods Manufactured:
The product costs of manufacturing companies include direct materials, direct labor, and manufacturing overhead costs. These costs are summarized on the schedule of the cost of goods manufactured to calculate the amount added to the Finished Goods inventory.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answer
We only include manufacturing costs in the schedule. Selling and administrative expenses are excluded. Note how we consistently add the cost of...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Cost of Goods Sold on an Income Statement: Definition & Formula
from
Chapter 2 / Lesson 10
115K
Learn the definition of the cost of goods sold and the formula used to calculate it. Also, learn how the cost of goods sold is calculated using examples.
Related to this Question
- At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016. Materials inventory, January 1 $50,000 Materials inventory, December 31 30,
- Raw materials inventory, January 1 $20,000 Raw materials inventory, December 31 10,000 Work in process inventory, January 1 6,000 Work in process inventory, December 31 9,000 Finished goods inventory,
- The following data should be used for the question(s) below: Raw materials inventory, January 1 $12,000 Raw materials inventory, December 31 16,000 Work in process, January 1 5,000 Work in process, December 31 8,000 Finished goods, January 1 17,000 Finish
- Assuming that the direct materials used are $1,000,000, use the following information. Raw materials inventory, January 1 $20,000 Raw materials inventory, December 31 $40,000 Work in process, January 1 $10,000 Work in process, December 31 $12,000 Finished
- Derflinger Corporation reported the following data for the month of January: Beginning ; Ending ; Inventories: Raw materials - $45,000 ; $33,500 ; Work in process ; $25,500 ; $26,500 ; Finished goods
- Holiday Manufacturing had the following inventories at December 31, 2015, the end of its fiscal year: Material inventory 19,000 Work in process inventory 20,000 Finished goods inventory 13,000 1) Dur
- Powerful, Inc. has provided the following data pertaining to its last year of operations: Raw materials inventory on January 1 was $100,000. Raw materials inventory on December 31 was $70,100. Work
- Rainier Industries has Raw materials inventory on January 1, 20x8 of $32,500 and Raw materials inventory on December 31, 20x8 of $26,700. If raw materials used during the year were $135,000 what was the amount of raw materials purchased during the year? A
- The following data pertain to Duggan Company's operations during December: Dec 1 Dec 31 Raw materials inventory $0 $10,000 Work-in-process inventory $5,000 Finished goods inventory $10,000 Other da
- Given the following : Sales 75,000 Materials inventory (January 1) 25,000 Work in process inventory (January 1) 24,000 Finished goods inventory (January 1) 32,000 Materials purchased 21,000 Direct labor cost 18,000 Factory overhead (including $1000
- ABC Co. has provided the following data for the end of December 2019. Beginning Inventory for Raw Materials $60,000 Ending Inventory for Raw Materials $44,600 Beginning Inventory for Work in Process $83,000 Ending Inventory for Work in Process $92,000 Beg
- Using the following information, compute the cost of direct materials used. Raw materials inventory, January 1 $20000 Raw materials inventory, December 31 50000 Work in process, January 1 27000 Wo
- Powerful, Inc. has provided the following data pertaining to its last year of operations: 1. Raw materials inventory on January 1 was $100,000. 2. Raw materials inventory on December 31 was $70,100.
- Case Industries had the following information at December 31: Finished goods inventory, January 1 $60,000 Finished goods inventory, December 31 84,000 If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,00
- |Raw materials inventory, January 1 |$20,000 |Raw materials inventory, December 31 |10,000 |Work in process inventory, January 1, |6,000 |Work in process inventory, December 31| 9,000 |Finished goods inventory, January 1 |16,000 |Finished goods inven
- Direct Materials, January 1 12 Direct Materials, December 31 9 Work-in-Process Inventory, January 1 10 Work-in-Process Inventory, December 31 13
- What is the cost of goods manufactured assuming the following data? Materials inventory, January 1 $33,660 Materials purchases $148,800 Direct labor $120,000 Work in process inventory, January 1 $336,000 Selling expense $28,800 Materials inventory, Decemb
- Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $60,000. Cost of goods manufactured for the FY 2016 was $250,000. Use this information to determine the dollar amount of the FY 2016 cos
- Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016 was $250,000. Use this information to determine the dollar amount of the FY 2016 cos
- Given the following information how much raw material was transferred to work in progress on January 31? Inventory on January 1 is $100,000, raw materials purchased in January are $500,000, and raw materials inventory on January 31 is $200,000 A: $200,
- Barger Company had the following information at December 31: Finished goods inventory, January 1 $60,000 Finished goods inventory, December 31 84,000 If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,
- Determine Jan 1, 2018's Finished Goods Inventory. Item Amount Sales $200,000 Cost of Goods Manufactured 52,000 Direct Material Purchased 80,000 Factory Overhead 20,000 Work in Process - January 1 60,000 Work in Process - December 31 30,000 Direct Materia
- Using $3,040,000 as the cost of goods manufactured, compute the cost of goods sold using the following information: Raw materials inventory, January 1 $20,000 Raw materials inventory, December 31 40,
- Gannon Company had the following information on December 31: Finished goods inventory, January 1 $30,000 Finished goods inventory, December 31 90,000 If the cost of goods manufactured during the year amounted to $1,260,000 and annual sales were $1,650
- Gannon Company had the following information at December 31: Finished goods inventory, January 1 $30,000, Finished goods inventory, December 31 $90,000. If the cost of goods manufactured during the year amounted to $1,260,000 and annual sales were $1,650,
- The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year 2008 are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; the cost of goods sold for the year, $2,560,000. The budge
- Using $2,206,000 as the total manufacturing costs, compute the cost of goods sold using the following information. Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 40,0
- On January 1, a manufacturing company had a beginning balance in Work in Process Inventory of $81,200 and a beginning balance in Finished Goods Inventory of $20,000. During the year they incurred manu
- A company's January 1 goods in process inventory contained 30,000 units that were 1/4 complete with respect to direct labor. The beginning inventory was completed this year and another 120,000 units were started. Of those started, 80,000 were finished and
- A company's January 1 goods in process inventory contained 30,000 units that were 25% complete with respect to direct labor. The beginning inventory was completed this year and another 120,000 units were started. Of those started, 80,000 were finished and
- As of January 1, 2015, KudosCup Co. had a balance of $16,824 for raw materials inventory. The company's ending balance of raw materials inventory totaled $13,900. Every four months, the company purchases 250 pounds of raw materials at $25 a pound. Calcul
- Kelowna Plumbing Supplies shows the following data related to its December 31, 2017 fiscal year: Amount ($) Raw materials inventory, January 1, 2017 5,000 Raw materials inventory, December 31, 2017 8,000 Work in process inventory, January 1, 2017 23,000
- The following information is available for Aikman Company. January 1,2014 2014 December 31, 2014 Raw materials inventory $22,120 $34,060 Work in process inventory 14,250 19,090 Finished goods inven
- The following information is available for the year ended December 31: Beginning raw materials inventory $12,900 Raw materials purchases $89,800 Ending raw materials inventory $12,300 Manufacturing supplies expense $710 The amount of raw materials used in
- The following information is available for the year ended December 31: Beginning raw materials inventory $12,800 Raw materials purchases 89,600 Ending raw materials Inventory 12,200 Manufacturing supplies expense 720 The amount of raw materials used in p
- The following information is available for Aikman Company. January 1, 2014 2014 December 31, 2014 Raw materials inventory $25,610 $34,960 Work in process inventory $17,770 $18,820 Finished goods inventory $31,430 $23,350 Materials purchased $152,400 Dire
- Assuming that the total manufacturing costs are $2,700,000, compute the cost of raw materials used using the information below. Raw materials inventory, January 1 $30,000 Raw materials inventory, Dec
- The following information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials $77,350 $95,550 Work in process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $68,250 Depreciation expense-Office equipmen
- Raw materials inventory, Jan 1, 2011 $32,500 Raw materials inventory, Dec 31,2011 $26,700 If raw materials used during the year were $135,000 what was the amount of raw materials purchased during the year?
- - Given the information below, what is the total manufacturing cost added to Work in Process during the year? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials
- The cost of goods manufactured during the year is $240,000. The work in process inventory on December 31 is $50,000. The work in process inventory during the year decreased by 60%. Total manufacturing
- The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $22,040 $35,020 Work in process inventory 13,820 20,680 Finished goods inventory 29,710 24,900 Materials purchased $153,510 Dir
- The following information is available for the year ended December 31: Beginning raw materials inventory $12,800 Raw materials purchases 89,600 Ending raw materials inventory 12,200 Manufacturing supplies expense 720 The amount of raw materials used in pr
- The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $333,880 $407,330 Work in process 600,980 553,970 Finished goods 577,610 566,190 Advertising expense $276,580 Depreciation expense-Office equ
- The following information is available for Shanika Company for 2016: Inventories January 1 December 31 Materials $391,430 $485,370 Work in process 704,570 660,100 Finished goods 677,170 674,660 Advertising expense $329,570 Depreciation expense-Office equ
- Bravo Company's January 1, 2016, finished goods inventory was $100,000. January 1, 2017, finished goods inventory is $80,000. The cost of goods manufactured for the FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 c
- Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 co
- Bravo Company's January 1, 2016, finished goods inventory was $100,000. January 1, 2017, finished goods inventory is $80,000. The cost of goods manufactured for the FY 2016 was $250,000. Use this information to determine the dollar amount of the FY 2016 c
- Materials were purchased in January 2017 for $120,000 and this amount was entered in the materials account. On December 2017, the materials would have cost $141,000. Calculate the entry values for: a) Inventory b) Gain on Inventories
- The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year are as follows: Finished goods, January 1 $765,000 Finished goods, December 31 $640,000 Cost of goods sold $2,560,000 The budgeted costs of goods manufac
- As of December 31, 2010, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of 2010, there was $2,000 of materials on hand. During the year, the company purchased $305,000 of materials; however, it paid only $292,500. How much
- Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials $60,500 Work in process $20,800 Finished goods $ 57,60
- Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials $60,500 Work in process 20,800 Finished goods 57,600 T
- Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials $50,500 Work in process $25,000 Finished goods $38,100
- Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's Inventory balances were as follows: Raw materials $40,000 Work in process $18,000 Finished goods $35,000
- On December 31, Hall Company had an ending inventory of $104,000 based primarily on a physical count at its warehouse. In computing the final balance of the Inventory, the following information was available: a. Inventory items with a cost of $2,760 were
- Piper Company has the following information for January: Cost of direct materials used in production $44,000 Direct labor $58,000 Factory overhead $29,000 Work in process inventory, January 1 $29,000 Work in process inventory, January 31 $30,000 Finished
- The company wants to end each month with ending finished goods inventory equals to 20% of the next month's sales. Finished goods inventory on December 31 is 620 units. The budgeted production units for February are: a. 5,320 units. b. 5,100 units. c. 4,46
- The accounting records of NuTronics, Inc., include the following information for the year ended December 31. Dec. 31 Jan. 1 Inventory of materials $24,000 $20,000 Inventory of work in process 8,000 12,000 Inventory of finished goods 90,000 80,000 Direct m
- Using $3040000 as the cost of goods manufactured, compute the cost of goods sold using the following information |Raw materials inventory, January 1|$ 20000 |Raw materials inventory, December 31 |40
- Sunland Corporation incurred the following costs while manufacturing its product: Work in process inventory was $13,000 at January 1 and $17,600 at December 31. Finished goods inventory was $69,500 at
- The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $268,980 $330,850 Work in process 484,160 449,960 Finished goods 465,340 459,880 Advertising expense $224,650 Depreciation expense-office equi
- The cost of goods sold for Frye Manufacturing in the year was $373,000. The January 1 Finished Goods Inventory balance was $30,200, and the December 31 Finished Goods Inventory balance was $24,000. Calculate the cost of goods manufactured during the year
- Good Night manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $51,000, $28,000, and $33,000, respectively. The desired inventories on December 31 for finished goods, work in process, and
- |Work-in-process inventory, January 1, 2011|$ 62,000 |Work-in-process inventory, December 31, 2011|$67,500 |Conversion costs during the year|$434,000 If direct materials used during the year were $
- Parson Company was formed on January 1, 2012, and is preparing the annual financial statements dated December 31, 2012. Ending inventory information about the four major items stocked for regular sale follows: ENDING INVENTORY, 2012 Item Quantity on Hand
- On Company Off Company Materials inventory, December 1 $58,990 $75,510 Materials inventory, December 31 a 85,330 Materials purchased 149,830 a Cost of direct materials used in production 158,090 b Dir
- What is the cost of goods sold? Sales revenues for the period $1,309,000 Operating expenses for the period 244,000 Finished Goods Inventory, January 1 41,000 Finished Goods Inventory, December 31 46,000 Cost of goods manufactured for the period 545,000
- The following information is available for Aikman Company. January 1, 2014 2014 December 31, 2014 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inve
- Juart Corporation reported the following data for the month of December: Inventories: Beginning Ending Raw materials $22,000 $35,000 Work in process $21,000 $24,000 Finished goods $51,000 $54,000 Additional information: Sales $280,000 Raw materials purcha
- SportSupplies Corporation has budgeted purchases of inventory, for December, of $140,000. Expected beginning inventory on December 1, and ending inventory on December 31, are $90,000 and $120,000, res
- Laflin Manufacturing Company reported the following year-end information: Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory 480,000 Raw mat
- The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $23,680 $31,650 Work in process inventory 16,120 18,470 Finished goods inventory 29,410 21,410 Materials purchased $153,280 Dir
- Partial balance sheet data for Flat Top Company on December 31, 2016, are as follows: Finished goods inventory $43,250 Prepaid insurance 26,500 Accounts receivable 104,000 Work in process inventory 155,500 Supplies 70,600 Materials inventory 88,750 Cash 1
- WIP Inventory, January 1 0 units Units started 12,400 Units completed and transferred out 8,200 WIP Inventory, December 31 4,200 Direct materials $28,200 Direct labor $18,000 Manufacturing Overhead $7
- Max-Fli Golf Company had the following inventory data for the year ended December 31, 2010: Direct materials used $15,000 Manufacturing overhead $18,000 Work in process inventory: Beginning $6,000 Ending $3,000 Direct labor $7,000 Finished goods inventory
- The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31 (Ending) Direct materials inventory $98,700 $110,700 Work-in-process inventory $109,500 $106,100 Finished goods inventory $45,800 $44,300 Direct
- At December 31, 2014, the following information was available for A. Kamble Company: ending inventory $42,830, beginning inventory $64,440, cost of goods sold $260,720, and sales revenue $387,740. Calculate inventory turnover.
- The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue $1,000,000 Work-in-process inventory, December 31 $30,000 Work-in-process inventory, January 1 $36,000 Selling and administrative expenses $150,000 Income tax expen
- The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue $1,050,000 Work-in-process inventory, December 31 30,000 Work-in-process inventory, January 1 36,000 Selling and administrative expenses 150,000 Income tax expense
- The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2010: Particulars Beginning Ending Inventories: Raw materials $17,000 $19,000 Work in process $9,000 $14,000 Finished goods $11,000 $8,000
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 320 $3.00 Purcha
- Romeo Corporation has accumulated the following accounting data for the year: Finished goods inventory, January 1 $3,200 Finished goods inventory, December 31 4,000 Total cost of goods sold 14,200 The cost of goods manufactured for the year is: A. $11,00
- The general ledger of the ABC Corporation included the following account balances. Sales $396,000 Raw materials inventory, Jan. 1 $25,000 Work in process inventory, Jan. 1 $26,300 Finished goods inventory, Jan. 1 $30,900 Raw materials purchased $63,800 Di
- Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding ending inventory is as follows: Date Inventory at Year-End Prices Price Index (base year 2013) December 31, 2013 $71,600 1.00 Dec
- Work in process inventory on December 31, 2011, is $44,000. Work in process inventory increased by 60% during 2011. Cost of goods manufactured for 2011 amounts to $275,000. What are the total manufacturing costs incurred in 2011? a. $233,750 b. $302,000
- Bravo Company's January 1, 2016, finished goods inventory was $100,000. The January 1, 2017, finished goods inventory is $80,000. Cost of goods manufactured for FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 cost
- SportSupplies Corporation has budgeted purchases of inventory for December of $140,000. Expected beginning inventory on December 1 and ending inventory on December 31 are $90,000 and $120,000, respectively. If cost of goods sold averages 88% of sales, wha
- Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding ending inventory is as follows: Date Inventory at Year-End Prices Price Index (base year 2013) December 31, 2013 $71,600 1.00 Decem
- Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding ending inventory is as follows: Date Inventory at Year-End Prices Price Index (base year 2013) December 31, 2013 $71,600 1.00 Decembe
- Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding ending inventory is as follows: Date Inventory at Year-End Prices Price Index (base year 2013) December 31, 2013 $71,600 1.00 Decemb
- Skysong Company was formed on December 1, 2016. The following information is available from Skysong's inventory records for Product BAP Units Unit Cost January 1, 2017 (beginning inventory) Purchase
- The following data were available from Mith Co.'s records on December 31, Year 1: | Finished goods inventory, 1/1/Year 1 | $120,000 | Finished goods inventory, 12/31/Year 1 | 110,000 | Cost of goods manufactured | 520,000 | Loss on sale of plant equi
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 320 $3.10 Purchas
- A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 260 units. Ending inventory at January 31 totals 120 units. Units Unit Cost Beginning inventory on January 1 230 $2.10 Purchas
- Romeo Corporation has accumulated the following accounting data for the year: Finished goods inventory, January 1 $3,700 Finished goods inventory, December 31 4,500 Total cost of goods sold 5,200 The
- On January 1, 2014, King Company adopted the dollar-value LIFO method for its inventory. The inventory value on this date was $590 million. The December 31, 2014 and 2015 ending inventory valued at year-end costs were $702 million and $810 million, respec
- At the beginning of the month, AGN Manufacturing had the following information available for the month of September. Beginning Ending Raw materials inventory $25,000 $32,000 Work in process inventory
- The following information is available for Yu Company for 2012: Inventories January 1 December 31 Materials $47,000 $58,500 Work in process $67,000 $59,000 Finished goods $70,000 $62,000 Advertising expense $42,500 Depreciation expense-office equipment $
- The inventory records of Frost Company for the years 2016 and 2017 reveal the cost and market of the January 1, 2016, inventory to be $125,000. On December 31, 2016, the cost of inventory was $130,000
Explore our homework questions and answers library
Browse
by subject