Schedules of Cost of Goods Manufactured and Cost of Goods

Part A: Schedules of Cost of Goods Manufactured and Cost of Goods

Sold; Income Statement

Nish Corporation has provided the following data for the month of April:

Sales ............................................... $220,000

Raw materials purchases ............... $50,000

Direct labor cost ............................ $23,000

Manufacturing overhead cost ........ $59,000

Selling expense .............................. $18,000

Administrative expense ................. $43,000

Inventories: Beginning Ending

Raw materials ........ $26,000 $35,000

Work in process ..... $18,000 $22,000

Finished goods ....... $42,000 $29,000

Required:

Solutions :

PART A : SCHEDULE OF COST OF GOODS MAUFACTURED ( COST OF PRODUCTION) for the month of APRIL

PARTICULARS	AMOUNT	AMOUNT

RAW MATERIAL CONSUMED
OP STOCK OF RAW MATERIALS	$ 26,000
ADD : RAW MATERIAL PURCHASED	$ 50,000
LESS CL STOCK OF RAW MATERIALS	$ 35,000
RAW MATERIAL CONSUMED		$ 41,000
ADD: DIRECT LABOUR COST		$ 23,000

Prime Cost		$ 64,000
Add : Manufacturing Overhead Cost		$ 59,000
Add: Opening WIP cost		$ 18,000
Less : Closing WIP cost		$ 22,000

Work Cost		$ 119,000
Add : Administrative Expenses		$ 43,000
Cost of Productions		$ 162,000

PART A : SCHEDULE OF COST OF GOODS SOLD for the month of APRIL

PART C : INCOME STATEMNTS for the month of APRIL