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    wichong's Avatar
    wichong Posts: 4, Reputation: 1
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    #1

    Nov 4, 2008, 03:04 PM
    Cost of goods manufactured
    Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted:

    Work-in-process inventory (January 1) $140,400
    Work-in-process inventory (March 31) 171,000
    Finished goods inventory (January 1) 540,000
    Finished goods inventory (March 31) 510,000

    Direct materials used 378,000
    Indirect materials used 84,000
    Direct manufacturing labor 480,000
    Indirect manufacturing labor 186,000

    Property taxes on manufacturing plant building 28,800
    Salespersons' company vehicle costs 12,000
    Depreciation of manufacturing equipment 264,000
    Depreciation of office equipment 123,600

    Miscellaneous plant overhead 135,000
    Plant utilities 92,400
    General office expenses 305,400
    Marketing distribution costs 30,000

    Required:
    a. Prepare a cost of goods manufactured schedule for the quarter.
    b. Prepare a cost of goods sold schedule for the quarter.
    wichong's Avatar
    wichong Posts: 4, Reputation: 1
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    #2

    Nov 5, 2008, 07:08 AM
    Hi, thanks for your help, I would like to know if I have to include "Miscellanous Plant Overhead in the "Factory Overhead", I amm a little confused with it. Thanks again for your help.
    William

    Quote Originally Posted by muslimrao View Post
    Hi.

    Please check attached ANSWER for your perusal...

    muslimrao's Avatar
    muslimrao Posts: 34, Reputation: 2
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    #3

    Nov 5, 2008, 11:39 PM

    Ya exactly you have to ADD in FACTORY OVERHEAD.

    - Plant overhead is allocated to FACTORY OVERHEAD and will take it in COST OF GOODS MANUFACTURED.

    - Machinery or Equipment overhead will considered as a OPERATING EXPENSE and will take in INCOME STATEMENT.
    rosaviruet01's Avatar
    rosaviruet01 Posts: 3, Reputation: 1
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    #4

    Nov 6, 2008, 02:34 PM

    What is the meaning of the term cost object? Give an example of a cost object that would be used in a manufacturing compan y, a merchandising company, and a service sector company?
    rosaviruet01's Avatar
    rosaviruet01 Posts: 3, Reputation: 1
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    #5

    Nov 6, 2008, 02:42 PM
    What is the meaning of the term cost object? Give an example of a cost object that would be used in a manufacturing company, a merchadising company, and a service sector company?
    rosaviruet01's Avatar
    rosaviruet01 Posts: 3, Reputation: 1
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    #6

    Nov 6, 2008, 02:55 PM

    This is my first accounting class and I really don't understand it. I need help. Please give me an example of a cost object that would be used in a manufacturing company, a merchandising company and a service sector company.
    muslimrao's Avatar
    muslimrao Posts: 34, Reputation: 2
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    #7

    Nov 6, 2008, 11:07 PM

    Sorry for being delay but... I still confused about your above question.

    If you are a beginer than please do search out on Google the basic cost accounts notes.

    THIS FORUM IS FOR YOUR HOMEWORK HELP.

    If I'm wrong in writing above reply than please make it right by clarfying what do you exactly want.. I can't understand COST OBJECT :S.. Please CLARIFY.
    surveygal19's Avatar
    surveygal19 Posts: 1, Reputation: 1
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    #8

    Feb 27, 2012, 07:32 PM
    I have this exact problem for homework and have no idea where to start. So lost.
    aleja2012's Avatar
    aleja2012 Posts: 1, Reputation: 1
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    #9

    Mar 13, 2012, 10:08 AM
    a. Prepare a cost of goods manufactured schedule for the quarter.

    Messinger Manufacturing Company
    Cost of Goods Manufactured Schedule
    For quarter ending March 31

    Particulars Amount

    Direct materials used $ 378,000
    Direct manufacturing labor $480,000
    Manufacturing overhead
    Depreciation of manufacturing equipment $264,000
    Indirect manufacturing labor $186,000
    Indirect materials $84,000
    Miscellaneous plant overhead $135,000
    Plant utilities $92,400
    Property taxes on building 28,800 $790,200
    Manufacturing costs incurred $1,648,200
    Add: Beginning work-in-process inventory $140,400
    Total manufacturing costs $1,788,600
    Less ending work-in-process inventory $171,000
    Cost of goods manufactured $1,617,600













    b. Prepare a cost of goods sold schedule for the quarter


    Messinger Manufacturing Company
    Cost of Goods Sold Schedule
    For the quarter ending March 31


    Beginning finished goods inventory $ 540,000
    Cost of goods manufactured $1,617,600
    Cost of goods available for sale $2,157,600
    Ending finished goods inventory $(510,000)
    Cost of goods sold $1,647,600

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