Use the information below for the year ended December 31, 2014, to prepare the s
ID: 2454961 • Letter: U
Question
Use the information below for the year ended December 31, 2014, to prepare the statement of cost of goods manufactured.
Inventories
Beginning
Ending
Materials inventory
$32,600
$ 32,500
Work in process inventory
41,200
41,800
Direct materials purchased
168,000
Total direct labor costs
245,200
Total indirect labor costs
52,100
Utilities
27,300
Depreciation
35,000
Small tools
2,500
Factory insurance
1,600
Factory supervision
45,200
Miscellaneous overhead costs
7,200
Inventories
Beginning
Ending
Materials inventory
$32,600
$ 32,500
Work in process inventory
41,200
41,800
Direct materials purchased
168,000
Total direct labor costs
245,200
Total indirect labor costs
52,100
Utilities
27,300
Depreciation
35,000
Small tools
2,500
Factory insurance
1,600
Factory supervision
45,200
Miscellaneous overhead costs
7,200
Explanation / Answer
Statement of Cost of Goods MAnufactured
Assuming depreciation and utilities are related to factory.
Direct MAterial Used Beginning RAw material inventory 32600 Add Cost of Raw material purchased 168000 less Ending raw material inventory (32500) Total Raw MAterial used 168100 Direct labour 245200 Manufacturing overhead indirect labour 52100 Small tools 2500 factory insurance 1600 Factory supervision 45200 Miscellaneous oerhead cost 7200 Utilities 27300 Depreciation 35000 Total Manufacturing overhead 170900 Total Manufacturing cost 584200 Add Beginnig WIP inventory 41200 less Ending WIP inventory (41800) Cost of Goods MAnufactured $ 583600Related Questions
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