Cost of Goods Sold, The total cost of making and finishing a product.Cost of Goods Manufactured Glen

Cost of Goods Sold, The total cost of making and finishing a product.Cost of Goods Manufactured

Glenville Company has the following information for April: The cost of materials that are an integral part of the finished product.Cost of direct materials used in production $ 49,000 The wages of factory workers who are directly involved in converting materials into a finished product.Direct labor 55,000 All of the costs of producing a product except for direct materials and direct labor.Factory overhead 28,000 The direct materials costs, the direct labor costs, and the applied factory overhead costs that have entered into the manufacturing process but are associated with products that have not been finished.Work in process inventory, April 1 38,000 Work in process inventory, April 30 41,000 The direct materials costs, direct labor costs, and factory overhead costs of finished products that have not been sold.Finished goods inventory, April 1 24,000 Finished goods inventory, April 30 18,000

a. For April, determine the cost of goods manufactured.

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Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company Statement of Cost of Goods Manufactured Direct labor Factory overhead Finished goods inventory, April 30 Work in process inventory, April 1 $ Cost of direct materials used in production Cost of goods manufactured Work in process inventory, April 1 Work in process inventory, April 30 $ Direct labor Finished goods inventory, April 1 Work in process inventory, April 1 Work in process inventory, April 30 Cost of finished goods available for sale Factory overhead Finished goods inventory, April 30 Work in process inventory, April 1 Total manufacturing costs incurred in April Total manufacturing costs $ Direct labor Factory overhead Finished goods inventory, April 30 Work in process inventory, April 30 Cost of goods manufactured $

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b. For April, determine the cost of goods sold.

Using the data given, prepare a statement of Cost of Goods Sold. Glenville Company Statement of Cost of Goods Sold Cost of goods available for sale Finished goods inventory, April 1 Finished goods inventory, April 30 Work in process inventory, April 1 $ Cost of goods available for sale Cost of goods manufactured Factory overhead Finished goods inventory, April 30 Cost of direct materials Cost of finished goods available for sale Direct labor Finished goods inventory, April 30 $ Cost of goods available for sale Cost of goods manufactured Finished goods inventory, April 1 Finished goods inventory, April 30 Cost of goods sold $

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