Exercise 2-33 Name:
Enter the appropriate amounts in the gray-shaded cells of columns E and F. Enter amounts
to be subtracted as negatives. If an answer is incorrect, the word “wrong” will appear.
a. Irresistible Art
Cost of Goods Manufactured Schedule
For the Month Ended July 31, 2013
Beginning work in process inventory
146,400$
Direct materials:
Beginning raw material inventory
93,200$
Add: Raw material purchased
656,000
Raw material available
749,200$
Ending raw material inventory
(69,600)
Raw material used
679,600$
Indirect material used
(175,600)
Direct material used
504,000$
Direct labor cost
591,000
Overhead:
Various
600,000$
Indirect material used
175,600
Indirect labor
197,000
Total overhead cost
972,600
Total costs
2,214,000$
Less: Ending work in process inventory
(120,000)
Cost of goods manufactured 2,094,000$
b. Irresistible Art
Cost of Goods Sold Schedule
For the Month Ended July 31, 2013
Beginning finished goods
72,000$
Cost of goods manufactured
2,094,000
Goods available for sale
2,166,000$
Ending finished goods inventory
(104,800)
Cost of goods sold 2,061,200$
Solution