Wiley Corporation incurred the following costs while manufacturing its product.

Question

Wiley Corporation incurred the following costs while manufacturing its product.

Instructions:

Prepare a schedule of cost of goods manufactured for 2017 using the following format:

Beginning Balance - Work- in - Process Inventory 24,000 Ending Balance - Work-in-Process Inventory 56,000 Beginning Balance - Raw Materials Inventory 84,000 Ending Balance - Raw Materials Inventory 60,000 Purchases - Raw Materials 360,000 Direct Labor 470,000 Indirect Materials 47,000 Indirect Labor 19,000 Depreciation on Factory Plant & Equipment 24,000 Plant Utilities and Insurance 270,000

Explanation / Answer

Schedule of cost of goods manufactured Direct Meterial Beginning raw meterial inventory $    84,000 Add: Purchase of raw meterial $ 360,000 Raw meterials available for production $ 444,000 Less: Ending raw meterial inventory $    60,000 Raw meterials transferred to production $     384,000 Direct Labour $     470,000 Manufacturing overhead Indirect labour $    19,000 Indirect material $    47,000 Depreciation on factory plant & equipment $    24,000 Plant utilities and insurance $ 270,000 Total Manufactoring overhead $     360,000 Total Manufactoring Cost $ 1,214,000 Add:Beginning work in progress inventory $        24,000 Less: Ending work in progress inventory $        56,000 Cost of goods manufactured $ 1,182,000

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