Question

Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April: Cost of direct materials used in production $54,000 Direct labor 60,000 Factory overhead 36,000 Work in process inventory, April 1 46,000 Work in process inventory, April 30 39,000 Finished goods inventory, April 1 23,000 Finished goods inventory, April 30 14,000Required:a. For April, determine the cost of goods manufactured.b. a. For April, determine the cost of goods sold.

Answer 1

a. Cost of Goods Manufactured = $157,000

b. Cost of goods sold = $166,000

Step-by-step explanation:

Manufacturing Cost Schedule

Direct Material $54,000

Direct labor $60,000

Factory overhead $36,000

Add Opening Work in process inventory $46,000

Less Closing Work in process inventory ($39,000)

Cost of Goods Manufactured $157,000

Finished Goods Account

Debit :

Opening Finished goods inventory $23,000

Cost of Goods Manufactured $157,000

Totals $180,000

Credit :

Closing Finished goods inventory $14,000

Cost of goods sold (Balancing figure) $166,000

Totals $180,000