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

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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 :

Beginning raw material 84000 Add: Raw mateiral purchase 360000 Less: Ending raw material (60000) Raw material used 384000 Less; Indirect material (47000) Direct material used 337000 Direct labour 470000 Manufacturing overhead Indirect material 47000 Indirect labour 19000 Depreciation on Factory Plant & Equipment 24000 Plant Utilities and Insurance 270000 Total manufacturing overhead 360000 Total manufacturing cost 1167000 Beginning work in process 24000 Total cost of work in process 1191000 Less; Ending work in process (56000) Cost of goods manufactured 1135000

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