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Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted:
Work-in-process inventory (January 1) $ 140,400
Work-in-process inventory (March 31) 171,000
Finished goods inventory (January 1) 540,000
Finished goods inventory (March 31) 510,000
Direct materials used 378,000
Indirect materials used 84,000
Direct manufacturing labor 480,000
Indirect manufacturing labor 186,000
Property taxes on manufacturing plant building 28,800
Salespersons' company vehicle costs 12,000
Depreciation of manufacturing equipment 264,000
Depreciation of office equipment 123,600
Miscellaneous plant overhead 135,000
Plant utilities 92,400
General office expenses 305,400
Marketing distribution costs 30,000
Required:a. Prepare a cost of goods manufactured schedule for the quarter.b. Prepare a cost of goods sold schedule for the quarter..

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akiran007

Answer:

Costs Of Goods Manufactured $ 1617,600

Cost Of Goods Sold $1818600

Explanation:

Messinger Manufacturing Company

Cost of goods manufactured schedule

For the quarter

Direct materials used 378,000

Direct manufacturing labor 480,000

Factory Overhead  790,200

Indirect materials used 84,000

Indirect manufacturing labor 186,000

Depreciation of manufacturing equipment 264,000

Property taxes on manufacturing plant building 28,800

Plant utilities 92,400

Miscellaneous plant overhead 135,000

Total Manufacturing Costs 1648,200

Add Work-in-process inventory (January 1) $ 140,400

Costs Of Goods Available For Manufacture $1788,600

Less Work-in-process inventory (March 31) 171,000

Costs Of Goods Manufactured $ 1617,600

Messinger Manufacturing Company

Cost of Goods Sold Schedule

For the quarter

Costs Of Goods Manufactured 1617,600

Add Finished goods inventory (January 1) 540,000

Costs Of Goods Available For Sale $ 2328,600

Less Finished goods inventory (March 31) 510,000

Cost Of Goods Sold $1818600

NOTES:

  • Depreciation of office equipment 123,600 is not included in the factory overhead because it relates to office expenses or administrative expenses.
  • Salespersons' company vehicle costs 12,000 is not included in the factory overhead because it relates to sales expenses.
  • General office expenses 305,400is not included in the factory overhead because it relates to office expenses or administrative expenses.
  • Marketing distribution costs 30,000is not included in the factory overhead because it relates to marketing selling expenses.

Marketing, Selling and administrative expenses are included in the income statement not in the cost of goods manufactured and sold statement.

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