Schedules of Cost of Goods Manufactured and Cost of Goods
Part A: Schedules of Cost of Goods Manufactured and Cost of Goods
Sold; Income Statement
Nish Corporation has provided the following data for the month of April:
Sales ............................................... $220,000
Raw materials purchases ............... $50,000
Direct labor cost ............................ $23,000
Manufacturing overhead cost ........ $59,000
Selling expense .............................. $18,000
Administrative expense ................. $43,000
Inventories: Beginning Ending
Raw materials ........ $26,000 $35,000
Work in process ..... $18,000 $22,000
Finished goods ....... $42,000 $29,000
Required:
- Prepare a Schedule of Cost of Goods Manufactured in good form for April.
- Prepare an Income Statement in good form for April.
Solutions :
PART A : SCHEDULE OF COST OF GOODS MAUFACTURED ( COST OF PRODUCTION) for the month of APRIL
|
PARTICULARS |
AMOUNT |
AMOUNT |
|
RAW MATERIAL CONSUMED | ||
|
OP STOCK OF RAW MATERIALS |
$ 26,000 | |
|
ADD : RAW MATERIAL PURCHASED |
$ 50,000 | |
|
LESS CL STOCK OF RAW MATERIALS |
$ 35,000 | |
|
RAW MATERIAL CONSUMED |
$ 41,000 | |
|
ADD: DIRECT LABOUR COST |
$ 23,000 | |
|
Prime Cost |
$ 64,000 | |
|
Add : Manufacturing Overhead Cost |
$ 59,000 | |
|
Add: Opening WIP cost |
$ 18,000 | |
|
Less : Closing WIP cost |
$ 22,000 | |
|
Work Cost |
$ 119,000 | |
|
Add : Administrative Expenses |
$ 43,000 | |
|
Cost of Productions |
$ 162,000 | |
PART A : SCHEDULE OF COST OF GOODS SOLD for the month of APRIL
|
PARTICULARS |
AMOUNT |
AMOUNT |
|
Cost of Productions |
$ 162,000 | |
|
Add: Op. finished stock |
$ 42,000 | |
|
Less : Cl. Finished Stock |
$ 29,000 | |
|
Cost of Goods Sold |
$ 175,000 | |
|
ADD : Selling Expenses |
$ 18,000 | |
|
Cost of Sales |
$ 193,000 |
PART C : INCOME STATEMNTS for the month of APRIL
|
PARTICULARS |
AMOUNT |
AMOUNT |
|
SALES |
$ 220,000 | |
|
Cost of Sales |
$ 193,000 | |
|
NET PROFIT |
$ 27,000 |
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