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Sharpland Sharpland Industries is calculating its Cost of Goods Manufactured at​ year-end. Sharpland's Sharpland's accounting records...

Sharpland Sharpland Industries is calculating its Cost of Goods Manufactured at​ year-end. Sharpland's Sharpland's accounting records show the​ following: The Raw Materials Inventory account had a beginning balance of $18,000 and an ending balance of $16,000. During the​ year, the company purchased $51,000 of direct materials. Direct labor for the year totaled $115,000​, while manufacturing overhead amounted to $160,000. The Work in Process Inventory account had a beginning balance of $29,000 and an ending balance of $ $15,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. ​(Hint​: The first step is to calculate the direct materials used during the​ year.)

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Answer #1

Direct material used

Beginning raw material 18000
material purchase 51000
Material available for use 69000
Less: Ending raw material -16000
Direct material used 53000

Schedule of Cost of goods manufactured

Direct material 53000
Direct labor 115000
Manufacturing overhead 160000
Total manufacturing cost 328000
Beginning work in process 29000
Total Cost of work in process 357000
Less: Ending work in process -15000
Cost of goods manufactured 342000
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