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Cost of goods sold, cost of goods manufactured Glenville Company has the following information for April: Obj
Cost of goods sold, cost of goods manufactured Glenville Company has the following information for April: Obj. 4 BE Cost of direct materials used in production Direct labor Factory overhead Work in process inventory. April 1 Work in process inventory, April 30 Finished goods inventory, April 1 Finished goods inventory, Apr 30 $280,000 324,000 188,900 72.300 76,600 39,600 41,200 For April, determine (A) the cost of goods and and (B) the cost of goods sold.
Expert Solution
A. Cost of goods manufactured for the month of April
| Cost | Amount($) | Amount($) |
| Cost of Direct materials used in Production | 280,000 | |
| Direct labor | 324,000 | |
| Prime Cost | 604,000 | |
| Add: Fixed Overhead | 188,900 | |
| Total manufacturing cost | 792,900 | |
| Add: Work in Process inventory as on April 1 | 72,300 | |
| Cost of goods to be manufactured | 865,200 | |
| Less: Work in process inventory as on April 30 | (76,600) | |
| Cost of goods manufactured | 788,600 |
B.Cost of goods Sold
| Cost | Amount($) |
| Cost of goods manifactured | 788,600 |
| +Finished goods inventory as on April 1 | 39,600 |
| Cost of goods available for sale | 828,200 |
| -Finished goods inventory as on April 30 | 41,200 |
| Cost of goods sold | 787,000 |
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