Question

An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured...

An incomplete cost of goods manufactured schedule is presented below.

Complete the cost of goods manufactured schedule for Lily Company.

LILY COMPANY
Cost of Goods Manufactured Schedule

December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020
Work in process (1/1) $216,130
Direct materials
   Raw materials inventory (1/1) $
   Add: Raw materials purchases 165,710
   Total raw materials available for use
   Less: Raw materials inventory (12/31) 30,350
Direct materials used $189,120
Direct labor
Manufacturing overhead
   Indirect labor 18,790
   Factory depreciation 39,270
   Factory utilities 71,220
   Total overhead 129,280
Total manufacturing costs
Total cost of work in process
Less: Work in process (12/31) 90,580
Cost of goods manufactured $545,060
Business   Accounting   
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