Managerial accounting

timer Asked: May 8th, 2018
account_balance_wallet $15

Question description

The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video monitors:

a. Purchased $137,800 of materials.
b. Used $94,100 of direct materials in production.
c. Incurred $184,800 of direct labor wages.
d. Incurred $212,720 of factory overhead.
e. Transferred $423,160 of work in process to finished goods.
f. Sold goods for $645,000.
g. Sold goods with a cost of $365,000.
h. Incurred $86,260 of selling expense.
i. Incurred $71,950 of administrative expense.

Using the information given, complete the following:

a. Prepare the March income statement for Digital Vibe Manufacturing Company. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

b. Determine the inventory balances at the end of the first month of operations. Statement of Cost of Goods Manufactured for a Manufacturing Company

Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:

Inventories January 1 January 31
Materials $187,000 $168,300
Work in process 127,160 114,440
Finished goods 97,240 114,440

Direct labor $336,600
Materials purchased during January 359,040
Factory overhead incurred during January:
Indirect labor 35,900
Machinery depreciation 21,690
Heat, light, and power 7,480
Supplies 5,980
Property taxes 5,240
Miscellaneous costs 9,720

a. Prepare a cost of goods manufactured statement for January.

Sandusky Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended January 31

Direct materials:




Factory overhead:


Total factory overhead

Total manufacturing costs incurred during January

Total manufacturing costs


Cost of goods manufactured


b. Determine the cost of goods sold for January.

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