Bravo Company manufactures quality gentlemenks clothing. The following selected

Question

Bravo Company manufactures quality gentlemenks clothing. The following selected financial information for the fiscal year 2016 is provided:

Use this information to prepare a detailed Schedule of Costs of Goods Manufactured for FY 2016: (Round dollar values & enter as whole dollars only.)

ITEM AMOUNT SALES $100,000 COST OF GOODS MANUFACTURED 65,000 DIRECT MATERIAL PURCHASED 25,000 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

Use this information to prepare a detailed Schedule of Costs of Goods Manufactured for FY 2016:

Beginning work in process january 1 30000 Beginning direct material 15000 Direct material purchases 25000 40000 Less: Ending direct material -10000 Direct material used 30000 Direct labour 10000 Factory overhead 10000 Total manufacturing cost 50000 Cost of work in process 80000 Less: Ending work in process -15000 Cost of goods manufactured 65000

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