Using the following data and the form that appears below, prepare a schedule of

Question

Using the following data and the form that appears below, prepare a schedule of Cost of Goods Manufactured.----------------Direct labor......................................$90,000 Sales commissions ......................$24,000 Purchases of raw materials.......$120,000 Work in progress, beginning........$16,000 Work in progress, ending..............$11,500 Raw materials, beginning.............$15,000 Raw materials, ending.....................$5,000 Manufacturing overhead................$30,300 --------------------------------------------------------------------------------------------Precision Milling Machine Company has supplied the following additional information. Use this data together with your answer to the above exercise to compute the (adjusted) Cost of Goods Sold for the company. Close out any balance in Manufacturing Overhead to Cost of Goods Sold.----------------Actual manufacturing overhead incurred........$88,000 Finished goods inventory, beginning..............$120,000 Finished goods inventory, ending...................$145,000

Explanation / Answer

COGS = 90000 + 24000+ 120000+ 11500+ 5000+ 30300 + 145000+ 88000 = 513800

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