Required information Use the following information for the Exercises below The f

Question

Required information Use the following information for the Exercises below 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 $1,183,000 41,000 50,800 65,500 163,100 240,000 17,000 46,000 5,250 55,000 99,000 127,000 48,900 40,100 73,200 Exercise 18-13 Preparation of schedule of cost of goods manufactured LO P2 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 0 Total cost of work in process Cost of goods manufactured 0

Explanation / Answer

SCHEDULE SHOWING COST OF GOODS MANUFACTURED Direct Material: Beginning Inventory of Raw material 41000 Add: Purchases during the year 163100 Raw material available for use 204100 Less: Ending Inventory of Raw material 48900 Direct material used 155,200 Direct labour used 240,000 Factory Overheads: factory consumer supplies 17000 Indirect labour 46000 Repaiirs-Factory equipment 5250 Rent cost of factory building 55000 Total Factory OH cost 123250 Total Manufacturing cost 518,450 Add: Beginning Work in process inventory 50,800 Total cost of work in process 569,250 Less: Ending Inventory of Work in process 40100 Cost of Goods manufactured 529,150

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