Cost of goods manufactured Quiz PDF

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practice questions for bus 254. Class question...

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COGM Quiz 1.

Gibco Cost of Goods Manufactured For the Year Ended December 31, 2022

Work in process January 1

$15,000

Direct Materials Beginning raw materials inventory January 1 Raw materials purchased

$40,000 180,000

Total raw Materials

220,000

Less: Ending raw materials December 31

24,000

Direct Materials used

196,000

Direct labor

200,000

Manufacturing Overhead Indirect material

10,000

Indirect labour

15,000

Utilities: Plant

40,000

Depreciation: Plant and equipment

75,000

Sales office rent

75,000

Plant manager salary Plant rent

90,000 86,000

Other manufacturing overhead

80,000

Total Manufacturing Overhead

471, 000

867,000

Total Manufacturing Costs Total cost of work in process

882,000

Less: Work in process December 31

30,000 $852,000

Cost of goods manufactured

2.

Gibco Schedule of Cost of Goods Sold For the Year Ended December 31, 2022

Finished Goods January 1

$20,000

Cost of Goods Manufactured

$852,000

Cost of Goods Available for Sale

$872,000

Less: Finished goods inventory Dec 31

42,000 $830,000

Cost of Goods Sold

COGS

$830,000

Finished Goods inventory change

22,000

Total COGM

$852,000

3.

Gibco Income Statement For the Year Ended December 31, 2022

Sales

$1,000,000

COGS

830,000

Gross Profit

170,000

Selling and administrative expenses

150,000

Income before tax

20,000

Income tax expense

5000

Net Income

$15000...