Sears Co: Cost of Goods Sold
Not what you're looking for?
The following table summarizes the beginning and ending inventories of Sears Co. For the month of October:
Sept. 30 Oct. 31
Raw Materials $ 29, 700 $31,000
Work-in-process 65,800 61,000
Finished process 52,700 46,200
Raw materials purchased during the month of October totaled $112,300. Direct labor costs incurred totaled $234,800 for the month. Actual and applied manufacturing overhead costs for October totaled $145,100 and $149,400, respectively.
1) Calculate the cost of goods manufactured for October.
2) Calculate the cost of goods sold for October (ignore under/overapplied overhead).
Purchase this Solution
Solution Summary
This solution calculates the cost of goods manufactured and the cost of goods sold for October (two separate equations, all details and calculations are provided).
Solution Preview
1 - The equation for COGM is
Beg RM inventory + purchases - ending RM inventory + DL + MOH + BWIP - EWIP
29700 + 112300 - 31000 + 234800 + 149400 ...
Purchase this Solution
Free BrainMass Quizzes
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.