Shanon Toys produces toys for dogs. The following information was available for the month ended...
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Accounting
Shanon Toys produces toys for dogs. The following information was available for the month ended September 30, 2016 (assume no beginning or ending raw materials inventory):
Sales revenue..................................................................................
$106,500
Direct materials used.......................................................................
32,000
Direct labor.....................................................................................
16,000
Manufacturing overhead*...............................................................
17,000
Beginning work in process..............................................................
8,000
Ending work in process...................................................................
6,000
Operating expenses
32,000
Finished goods, Sept. 1, 2016.........................................................
4,000
Finished goods, Sept. 30, 2016.......................................................
7,200
* All indirect production costs are included in manufacturing overhead.
Requirements
1.
Prepare a
schedule of cost of goods manufactured for the month ended September 30, 2016.
2. Compute the cost of goods sold.
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