Required information [The following information applies to the questions display

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Required information [The following information applies to the questions displayed below.] The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material Raw-material inventory, December 31 Raw-material inventory, January 1 Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December 31 Finished-goods inventory, January 1 Indirect material Indirect labor Other manufacturing overhead $1,050,000 30,000 36,000 150,000 80,000 160,000 25,000 30,000 180,000 40,000 40,000 50,000 15,000 10,000 12,000 40,000

Explanation / Answer

Solution:

SAN FERNANDO FASIONS COMPANY Schedule of Cost of Goods Manufactured For the year ended december 31, 20X2 Particulars Details Amount Direct Material (A): Opening inventory $30,000.00 Purchases of Raw Material $160,000.00 Ending Inventory $25,000.00 Raw Material Consumed $165,000.00 Direct Labor (B) $180,000.00 Manufacturing Overhead (C): Indirect Material $10,000.00 Indirect Labor $12,000.00 Utilities : Plant $40,000.00 Depreciation : Plant & Equipment $40,000.00 Other Manufacturing Overhead $40,000.00 $142,000.00 Total Manufacturing Cost (A+B+C) $487,000.00 Add: Opening WIP $36,000.00 Sub Total $523,000.00 Less: Closing WIP $30,000.00 Cost of Goods Manufactured $493,000.00

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