The following selected account balances are provided for Delray Mfg. Sales Raw m

Question

The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 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, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,318,000 37,000 54,500 67,500 174,100 242,000 18,800 50,000 5, 250 54,000 90,000 132,000 45,000 41,800 69,500 Prepare its schedule of cost of goods manufactured for the year ended December 31, 2017 DELRAY MFG Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Direct materials Raw materials available for use Direct materials used Factory overhead: Total factory overhead costs Total manufacturing costs

Explanation / Answer

Cost of goods manufactured schedule :

Beginning raw material 37000 Raw material purchase 174100 Raw material available for use 211100 Less; Ending raw material -45000 Raw material used in production 166100 Direct labour 242000 Manufacturing overhead Factory supplies 18800 Indirect labour 50000 Repairs- Factory equipment 5250 Rent-factory building 54000 Total manufacturing overhead 128050 Total manufacturing cost 536150 Beginning work in process 54500 Total cost of work in process 590650 Less; Ending work in process -41800 Cost of goods manufactured 548850

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