COGS_COGM_Schedules

COGS_COGM_Schedules - 414,980 - End Inventory WIP 100 COGM...

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COMET COMPUTER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2010 Direct Material Raw-material inventory, January 1 6,000 Add: Purchases of raw materials 134,000 Raw material available for use 140,000 Deduct: raw-material inventory, December 31 5,020 Raw materiasl used $134,980 Direct Labor 50,000 Manufacturing Overhead: Indirect material 10,000 Indirect labor 40,000 Depreciation on factory 90,000 Depreciation on equipment 70,000 Utilities 15,000 Insurance 5,000 Total manufacturing overhead 230,000 Total manufacturing costs 414,980 Add: Work-in-process inventory, January 1 120 Subtotal 415,100 Deduct: Work-in-process inventory, December 31 100 Cost of Goods Manufactured (COGM) 415,000 FORMULA USED TO COMPUTE (COGM): Beg. Inventory WIP 120 + Total manufacturing costs
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Unformatted text preview: 414,980 - End Inventory WIP 100 COGM 415,000 COMET COMPUTER CORPORATION Schedule of Cost of Goods Sold For the Year Ended December 31, 2010 Finished-goods inventory, January 1 200 Add: Cost of Goods Manufactured (COGM) 415,000 * Cost of goods available for sale 415,200 Finished -goods inventory, December 31 190 Cost of Goods Sold (COGS) 415,010 * From the Schedule of Cost of Goods Manufactured FORMULA USED TO COMPUTE (COGS): Beg. Inventory FG 200 + COGM 415,000 - End Inventory FG 190 COGS 415,010 COMET COMPUTER CORPORATION Income Statement For the Year Ended December 31, 2010 Sales revenue 700,000 Less: Cost of Goods Sold (COGS) 415,010 Gross Marging 284,990 Selling and administrative expenses 174,490 Income before taxes 110,500 Income tax expense 30,000 Net Income 80,500...
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COGS_COGM_Schedules - 414,980 - End Inventory WIP 100 COGM...

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