Exercise 2-33

Name:

Solution

Enter the appropriate amounts in the gray-shaded cells of columns E and F. Enter amounts

to be subtracted as negatives. If an answer is incorrect, the word “wrong” will appear.

a.

Irresistible Art

Cost of Goods Manufactured Schedule

For the Month Ended July 31, 2010

Beginning work in process inventory

$   1,46,400

Direct materials:

Beginning raw material inventory

$      93,200

Add: Raw material purchased

      6,56,000

Raw material available

Ending raw material inventory

       (69,600)

Raw material used

Indirect material used

    (1,75,600)

Direct material used

$   5,04,000

Direct labor cost

      5,91,000

Overhead:

Various

$   6,00,000

Indirect material used

Indirect labor

      1,97,000

Total overhead cost

      9,72,600

Total costs

Less: Ending work in process inventory

    (1,20,000)

Cost of goods manufactured

b.

Irresistible Art

Cost of Goods Sold Schedule

For the Month Ended July 31, 2010

Beginning finished goods

$      72,000

Cost of goods manufactured

    20,94,000

Goods available for sale

Ending finished goods inventory

    (1,04,800)

Cost of goods sold

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