The following data were taken from the records of Marigald Company for the fiaca

Question

The following data were taken from the records of Marigald Company for the fiacal year ended June 30, 2017 Raw Matarial Inventory 7/1/16 Raw Material Inventory 630/17 Finished Goods Inventory 7/1/16 Finizhed Goods Inventory 6/30/17 Work in Procass Invantory 7/1/16 Work in Process Inventory 6/307 Direct Lebor Indirect Labor Account: Racavabla 8,100 Factory Inaurance 46,00 Factory Wachinery Daprecation 99.700 Fectory Utilities 21.,900 Office Uilities Expense 21,200 Sa Ravenus 29,400 Discounts 47550 Plant Manager's Selery 25,360 Factory Property Taxes 28,000 Factory Repair 4,800 17,100 29.400 9.350 560,500 4,700 63.400 9,910 2,500 97.300 39.200 Raw Materal Purchases Cesh Prepare a cost of goods manufactured schedule (Assume all ran macerials used were direct materials.) MARTGOLD COMPANY Cost of Goods Schedue

Explanation / Answer

Cost of Goods Manufactured Schedule :-

Particulers Amount($) Amount($) Work in Process July 1 21200 Direct Materials Raw Material Inventory July 1 58100 Raw Material Purchases 97300 Total Raw Material available for use 155400 Raw Material inventiry June 30 (46600) Direct Material Used 108800 108800 Direct Labor 147550 Manufacturing Overhead Plant Manager's Salary 63400 Indirect Labor 25360 Factory Utilities 29400 Factory Machinery Depreciation 17100 Factory Insurence 4800 Factory Property Taxes 9910 Factory Repairs 2500 Total Manufacturing Overheads 167180 167180 Total Manufacturing Costs 423530 Total Cost of work in process 444730 Less : Work in Process Jane 30 (29400) Cost of goods Manufactures 415330

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