Drake Company manufactures quality gentlemen\'s clothing. The following selected
ID: 2391243 • Letter: D
Question
Drake Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2017 is provided:
Item
Amount
Sales
$100,000
Cost of Goods Manufactured
75,000
Direct Material Purchased
30,000
Factory Overhead
10,000
Work in Process - January 1
30,000
Work in Process - December 31
15,000
Direct Material - December 31
10,000
Finished Goods Inventory - December 31
60,000
Net Income
15,000
Direct Materials used
30,000
Cost of Goods Sold
55,000
Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2017: (Round dollar values & enter as whole dollars only.)
Schedule of Costs of Goods Manufactured
Schedule of Costs of Goods Manufactured
Item
Amount
Sales
$100,000
Cost of Goods Manufactured
75,000
Direct Material Purchased
30,000
Factory Overhead
10,000
Work in Process - January 1
30,000
Work in Process - December 31
15,000
Direct Material - December 31
10,000
Finished Goods Inventory - December 31
60,000
Net Income
15,000
Direct Materials used
30,000
Cost of Goods Sold
55,000
Explanation / Answer
Schedule of cost of goods manufactured :
Beginning work in process 30000 Beginning direct material 10000 Direct material purchase 30000 40000 Less: Ending direct material -10000 Direct material 30000 Direct labour 20000 Factory overhead 10000 Total manufacturing cost 60000 Total cost of work in process 90000 Less: Ending work in process -15000 Cost of goods manufactured 75000Related Questions
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