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    BSMA 1A Quiz 3 Cost Accounting Cycle

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    Maeca Angela Serrano
    The document is a cost of goods sold statement for Noeled Products Company for the month of January. It shows that direct materials used were $40,000 after accounting for beginning and ending inventory. Total manufacturing costs including direct labor and factory overhead were $77,000. After subtracting ending finished goods inventory, the cost of goods sold was $62,075 including an underapplied amount of factory overhead.

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    BSMA 1A Quiz 3 Cost Accounting Cycle

    Uploaded by

    Maeca Angela Serrano
    59 views5 pages
    The document is a cost of goods sold statement for Noeled Products Company for the month of January. It shows that direct materials used were $40,000 after accounting for beginning and ending inventory. Total manufacturing costs including direct labor and factory overhead were $77,000. After subtracting ending finished goods inventory, the cost of goods sold was $62,075 including an underapplied amount of factory overhead.

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    The document is a cost of goods sold statement for Noeled Products Company for the month of January. It shows that direct materials used were $40,000 after accounting for beginning and ending inventory. Total manufacturing costs including direct labor and factory overhead were $77,000. After subtracting ending finished goods inventory, the cost of goods sold was $62,075 including an underapplied amount of factory overhead.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    59 views5 pages

    BSMA 1A Quiz 3 Cost Accounting Cycle

    Uploaded by

    Maeca Angela Serrano
    The document is a cost of goods sold statement for Noeled Products Company for the month of January. It shows that direct materials used were $40,000 after accounting for beginning and ending inventory. Total manufacturing costs including direct labor and factory overhead were $77,000. After subtracting ending finished goods inventory, the cost of goods sold was $62,075 including an underapplied amount of factory overhead.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Noeled Products Company

    Cost of Goods Sold Statement


    For the month ended, January 31, 20xx

    Direct materials used


    Purchases 50,000.00
    Less: Materials, ending 10,000.00
    Direct labor
    Factory overhead
    Total manufacturing costs/Cost of goods manufactured
    Less: Finished goods, ending
    Cost of goods manufactured and sold - normal
    Add: Underapplied factory overhead
    Cost of goods sold - Actual

    *Under/Overapplied factory overhead - compare control vs. applied


    40,000.00 2 points
    20,000.00 2 points
    17,000.00 2 points Cash
    77,000.00 Beg. 80,000.00
    15,400.00 2 points 13 55,000.00
    61,600.00
    475.00 2 points 65,000.00
    62,075.00 5 points

    Materials
    1 50,000.00

    8,100.00

    Finished Goods
    10 77,000.00

    15,400.00

    Accum. Depreciation- Bldg.

    Accum. Depr'n- Machine & Equipment

    Accrued Payroll
    3 36,000.00

    Factory Overhead Control


    2 1,900.00
    4 7,000.00
    5 3,375.00
    6 2,500.00
    7 2,700.00

    17,475.00

    Payroll
    3 36,000.00

    Sales
    Cash Accounts Receivable
    36,000.00 3 12 86,240.00 55,000.00 13
    34,000.00 11
    31,240.00

    Materials Work in Process


    41,900.00 2 2 40,000.00 77,000.00 10
    4 20,000.00
    9 17,000.00

    Finished Goods Building


    61,600.00 12 Beg. 750,000.00

    cum. Depreciation- Bldg. Machinery and Equipment


    3,750.00 5 Beg. 150,000.00

    Depr'n- Machine & Equipment Accounts Payable


    2,500.00 6 11 34,000.00 50,000.00 1
    3,000.00 7
    1,500.00 8

    20,500.00

    Accrued Payroll Capital Stock


    36,000.00 3 980,000.00 Beg.

    actory Overhead Control Selling and Admin Exp. Control


    4 9,000.00
    5 375.00
    7 300.00
    8 1,500.00

    11,175.00

    Payroll Cost of Goods Sold


    36,000.00 4 12 61,600.00

    Sales Factory Overhead Applied


    83,240.00 12 17,000.00 9

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