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Schedule of Cost of Goods Manufactured. Direct Materials Raw material inventory, beginning Add: Raw materials purchased Raw materials available for use Deduct: Raw material inventory, ending Total: Raw material used Direct Labor Manufacturing Overhead Indirect Material

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schedule of cost of goods manufactured
Schedule of Cost of Goods Manufactured

Direct Materials

  • Raw material inventory, beginning
  • Add: Raw materials purchased
  • Raw materials available for use
  • Deduct: Raw material inventory, ending
  • Total: Raw material used

Direct Labor

Manufacturing Overhead

  • Indirect Material
  • Add: Indirect labor
  • Add: Rent on factory building
  • Add: Depreciation on factory equipment
  • Add: Utilities
  • Add: Property taxes
  • Add: Insurance
  • Total Manufacturing Overhead
  • Deduct: Underapplied overhead
  • Total: Overhead applied to work in process

Direct Materials

Add: Direct Labor

Add: Manufacturing Overhead

Total: Manufacturing Costs Incurred

Add: Work in Process, Beg. Period

Manufacturing Costs to Account For

Deduct: Work in Process, End Period

Cost of Goods Manufactured

Transferred to Schedule of Cost of Goods Sold

job order costing a visual representation of the schedule of cost of goods manufactured
Job Order CostingA visual representation of the Schedule of Cost of Goods Manufactured

Conversion Costs

Direct Material Purchased

Indirect materials (Lubricants, bolts, etc.)

Direct Labor-Job 2

Manufacturing Overhead Applied to Job 2

Direct Material-Job 2

End MIP

Beg MIP

Job 2

End WIP

Beg WIP

Job 1

Job 3

Directly to Manufacturing Overhead Control

FACTORY

Direct Material Used

STOREROOM

schedule of cost of goods sold
Schedule of Cost of Goods Sold
  • Finished Goods Inventory, Beginning of Period
  • Add: Cost of Goods Manufactured
  • Cost of Goods Available for Sale
  • Deduct: Finished Goods Inventory, End of Period
  • Cost of Goods Sold
  • Deduct: Over Applied or Under Applied Overhead
  • Total: Cost of Goods Sold (Adjusted)

Transferred to Income Statement

income statement
Income Statement
  • Sales Revenue
  • Deduct: Cost of Goods Sold (Adjusted)
  • Gross Margin
  • Deduct: Selling and Administrative Expenses
  • Income before Taxes
  • Deduct: Income Tax Expense
  • Total: Net Income