Honeysuckle Corporation has provided the following data for the month of January: Inventories...
Question:
Honeysuckle Corporation has provided the following data for the month of January:
| Inventories | Beginning | Ending |
| Raw materials | $40,000 | $23,000 |
| Work In process | $9,000 | $13,000 |
| Finished goods | $52,000 | $45,000 |
Additional Information:
| Raw material purchases | $68,000 |
| Direct labor costs | $90,000 |
| Manufacturing overhead cost incurred | $44,000 |
| Indirect materials included in manufacturing overhead costs incurred | $8,000 |
| Manufacturing overhead cost applied to work in process | $39,000 |
Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.
Cost of Goods Manufactured:
The total expenses which incurred from the beginning of manufacturing of any product or good till the end of the manufacturing of that product or good is known as Cost of Goods Manufactured. It is also known as Production Cost.
Answer and Explanation: 1
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View this answer| Schedule of Cost of Goods Manufactured | |
|---|---|
| Particulars | Amount |
| Beginning material inventory | $40,000 |
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Cost of Goods: Definition & Calculation
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Chapter 3 / Lesson 13
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The cost of goods is the expenses used to produce products, provide services, or acquire inventory. Study the definition of cost of goods and how to calculate it in this lesson.
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