Make January Production Report for Glow Inc. By using Weighted Average Method of
Process Costing. And Prepare Manufacturing Cost Flows, Prepare Statement of Cost of
Goods Manufactured, Statement of Cost of Goods Sold, and Income Statement:
Data
WIP, Jan 01- 12,000 units
Direct Material: 100\% complete, at cost from Dec
Conversion: 40\% complete, at cost from Dec
Units Started During Jan
Units Completed and Transferred out in Jan
WIP, Jan 31 - 6,000 units
Direct Material: 100\% complete
Conversion: 40\% complete
Direct Material, Jan 01
Direct Material, Jan 31
Direct Material, Purchased during
Direct Labor
Applied Manufacturing Overhead
Indirect Labor
$10,000
Indirect Material
Depreciation on Factory
Utilities
Rent
Insurance
Finished Goods Inventory, Jan 01
Finished Goods Inventory, Jan 31
Selling Price
Units Sold on Cash
Selling and Administrative Expenses
$160,000
Income Tax Expense
$56,000
Show All workings
Amount
$30,000
$20,074
18000
24000
$2,000
$8,000
$60,000
$51,000
$16,000
$14,500
$18,000
$12,000
$6,000
$4,000
(Hint: Calculate)
$24
23950 units