Exercise 14-9 Willey plus An incomplete cost of goods manufactured schedule is p

Question

Exercise 14-9 Willey plus

An incomplete cost of goods manufactured schedule is presented below.

Complete the cost of goods manufactured schedule for Molina Company.

MOLINA COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014

MOLINA COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014

Work in process (1/1) $210,000 Direct materials    Raw materials inventory (1/1) $    Add: Raw materials purchases 158,000    Total raw materials available for use    Less: Raw materials inventory (12/31) 22,500 Direct materials used $190,000 Direct labor Manufacturing overhead    Indirect labor 18,000    Factory depreciation 36,000    Factory utilities 68,000    Total overhead 122,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 81,000 Cost of goods manufactured $530,000

Explanation / Answer

Answer:

MOLINA COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014

Remarks Amount $ Amount $ Amount $ Work in process (1/1)          210,000 Direct materials     Raw materials inventory (1/1)                -       Add: Raw materials purchases    158,000     Total raw materials available for use (Opening inventory + Purchases)    158,000     Less: Raw materials inventory (12/31)      22,500 Direct materials used    135,500 Direct labor Manufacturing overhead     Indirect labor      18,000     Factory depreciation      36,000     Factory utilities      68,000 Total overhead    122,000 Total manufacturing costs (Material used+Direct Labor+Total Overhead)          257,500 Total cost of work in process (Opening work in process + Total manufacturing costs)          467,500 Less: Work in process (12/31)            81,000 Cost of goods manufactured          386,500

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