Quiz 16: P16: Manufacturing Accounting MFG
Prepare a schedule of costs of goods manufactured and sold as well as determining the labor costs required of manufacturing goals. The worksheet showing schedule:
By entering formulas and titles, create a schedule of cost of goods manufactured and sold. This is a schedule that is unique to manufacturers and indicates how money is being spent during the production process. Worksheet showing schedule of Cost of goods manufactured and sold:
Enter the new problem data for 2012 into the company's data section. Use the 12/31/11 ending figures for materials inventory, work in process, and finished goods as the 1/1/12 beginning figures. Worksheet showing schedule of Cost of goods manufactured and sold: If sales and other expenses were the same in 2011 and 2012, then Company T would have earned more income in 2011. This is because the company's cost of goods sold was lower in 2011 resulting in a higher net income.