Given the following selected account balances of Defray Mfg Sales Raw materials

Question

Given the following selected account balances of Defray Mfg Sales Raw materials inventory. Dec. 31. 2014 Work m process inventory. Dec 31. 2014 Finished goods inventory. Dec. 31. 2014 Raw materials purchases Direct labor Factory computer supplies used indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory. Dec 31. 2015 Work, in process inventory. Dec 31 2015 Finished goods inventory Dec 31 2015 $1, 250,000 37,000 53,900 62,750 175,600 17, 840 5, 250 57,000 94,000 129, 300 42,700 41, 500 67, 300 prepare its schedule of cost of goods manufactured for the year ended December 31, 2015.

Explanation / Answer

Schedule of cost of goods manufactured Direct materials Raw materials inventory ,Dec 31,2014 37,000 Raw materials purchases 175,600 Raw materials available for use 212,600 Raw materials inventory , dec 31,2015 -42,700 Direct materials used 169,900 Direct labor 225,000 Factory overhead : Factory computer supplies used 17,840 indirect labor 47,000 Repairs - factory Equipment 5,250 Rent cost of factory building 57,000 total facotry cost 127,090 Total manufacturing cost 521,990 Work in progress inventory , dec 31,2014 53,900 Total cost of Work in process 575,890 Work in progress inventory , dec 31,2015 -41,500 Cost of goods manufactured 534,390

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