1. Prepare a cost of goods manufactured statement for January. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
2. Determine the cost of goods sold for January.
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows:
Inventories January 1 January 31
Materials $314,000 $276,800
Work in process 216,000 239,800
Finished goods 163,200 189,000
January 31
Direct labor $567,000
Materials purchased during the month 606,600
Factory overhead incurred during the month:
Indirect labor 60,520
Machinery depreciation 32,000
Heat, light, and power 12,200
Supplies 8,220
Property taxes 8,880
Miscellaneous costs
16,460
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