90.2K

Verified Solution

Link Copied!

Please prepare a statement of cost of goods manufactured in EXCEL.

Statement of Cost of Goods Manufactured. M-P Company Limited manufactures a single product. The treasurer has asked you to help in preparing a manufacturing statement for the month ended March 31, 2005. You are given the following information: Sales = 10,000 units @ $20.00 per unit Production = 12,000 units Finished goods inventory, March 1, 2005 = 3,000 units valued @ $16.00 each Raw materials inventory, March 1, 2005 = 1,000 units valued @ $5.00 each Purchases of raw materials .......March 4 = 8,000 units @ $6.00 each March 20 =5,000 units @ $5.00 each The company uses FIFO method of determining raw materials inventories In-process inventory, March 1, 2005 = 2,000 units valued @ $16,000 March 31, 2005 = 2,000 units valued @ $21,000 Fixed assets........Machinery Office equipment $240,000 original cost $6,000 original cost Depreciation is determined using straight-line depreciation at the rate of 10% per annum. Other information: Sales returns and allowances Salesmen's salaries Freight out Direct labor Indirect labor Office salaries Heat light & power factory Factory rent Miscellaneous factory overhead $ 3,500 2,500 4,000 100,000 45,000 7,000 2,000 8,000 10,000 Required: Prepare a statement of cost of goods manufactured for the month ended March 31, 2005. One unit of raw material is used for each unit of finished goods. There is no spoilage

Answer & Explanation Solved by verified expert

See Answer