Scribd
Upload
695 views2 pages

Columbus Co. COGS & Income Statement

The Columbus Company cost of goods sold statement for October shows that $29,800 was spent on direct materials and $18,600 on direct labor for a total manufacturing cost of $75,850. After adding $4,070 in work in process from October 1st and subtracting $4,440 in work in process from October 31st, the cost of goods manufactured was $75,480. Adding the $9,800 in finished goods from October 1st and subtracting the $9,250 in finished goods on October 31st, the total cost of goods sold for the month was $76,030. The income statement shows net sales of $143,600 and an income from operations of $22,730

Uploaded by

rama
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
695 views2 pages

Columbus Co. COGS & Income Statement

The Columbus Company cost of goods sold statement for October shows that $29,800 was spent on direct materials and $18,600 on direct labor for a total manufacturing cost of $75,850. After adding $4,070 in work in process from October 1st and subtracting $4,440 in work in process from October 31st, the cost of goods manufactured was $75,480. Adding the $9,800 in finished goods from October 1st and subtracting the $9,250 in finished goods on October 31st, the total cost of goods sold for the month was $76,030. The income statement shows net sales of $143,600 and an income from operations of $22,730

Uploaded by

rama
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 2

P5-4

Columbus Company
Cost of Goods Sold Statement
October 31, 20..

Direct Materials
Materials and supplies, October 01 40,700
Purchase 24,800
Materials available for use 65,500
less : Materials and supplies, October 31 31,750
Supplies used 3,950
Direct Materials Used 29,800
Direct Labor 18,600
Applied Factory Overhead 27,450
Manufacturing Cost 75,850
Add : Work In Process, october 01 4,070
79,920
Less : Work In Process, october 31 4,440
Cost of Goods Manufacture 75,480
Add : finished Goods, October 01 9,800
85,280
Less : finished Goods, October 31 9,250
Cost of Goods Sold 76,030

Columbus Company
Income Statement
October 31, 20..
Sales 144,900
Less : Sales Return and allowance 1,300
Net Sales 143,600
Cost Of Goods Sold 76,030
Gross Profit 67,570
Operating Expense
Marketing Expense 25,050
Depreciation - Building 30
Depreciation -office equipment 16 25,096
Administrative Expense 19,700
Depreciation - Building 20
Depreciation -office equipment 24 19,744
Income From Operating 22,730

Amount of overapplied or underapplied factory overhead :


Actual factory overhead :
Factory overhead 20,100
Indirect materials 3,950
Depreciation—building 150
Depreciation—machinery and equipment 800
Indirect labor 4,400
29,400
Applied factory overhead 27,450
Underapplied factory overhead 1,950

You might also like