15 points Johnson Manufacturing Company had the following account balances for t

Question

15 points Johnson Manufacturing Company had the following account balances for the quarter ending December 31, unless otherwise noted: Work-in-process inventory (September 1) $150,400 Work-in-process inventory (December 31) 161,000 Finished goods inventory (September 1) 540,000 Finished goods inventory (December 31) 510,000 Direct materials used Indirect materials used Direct manufacturing labor Indirect manufacturing labor Property taxes on manufacturing plant building 28,500 Salespersons' company vehicle costs Depreciation of manufacturing equipment261,000 Depreciation of office equipment Miscellaneous plant overhead Plant utilities General office expenses Marketing distribution costs 380,000 94,000 450,000 176,000 12,000 123,600 115,000 92,400 300,400 30,000 Required: a. Prepare a cost of goods manufactured schedule for the quarter.

Explanation / Answer

Direct materials used $       380,000 Direct labor $       450,000 Manufacturing overhead $       766,900 94000+176000+28500+261000+115000+92400 Add: Beginning WIP $       150,400 Less: Ending WIP $       161,000 Cost of goods manufactured $   1,586,300

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