Question

Annapolis Company manufactures quality boating apparel.  The following selected financial information for the fiscal year 2020 is...

Annapolis Company manufactures quality boating apparel.  The following selected financial information for the fiscal year 2020 is provided:

Item

Amount

Sales

$850,000

Beginning Raw Material Inventory

74,000

Direct Material Purchased

318,000

Factory Overhead

90,000

Finished Goods Inventory - January 1

144,000

Work in Process - January 1

74,000

Work in Process - December 31

98,000

Ending Raw Material Inventory

58,000

Finished Goods Inventory - December 31

168,000

Net Income

65,000

Direct Labor

155,000

Cost of Goods Sold

531,000

Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2020: (Round dollar values & enter as whole dollars only. Properly title your statement.)

Homework Answers

Answer #1
Schedule of Cost of Goods Manufactured
Raw materials inventory , beginning 74,000
Add: Direct Materials purchased 318,000
Raw Material available for use 392,000
Less:Ending raw material inventory -58,000
Raw material used 334,000
Direct labor 155,000
Factory overheads 90,000
Total Manufacturing Cost 579,000
Add :Work in process inventory, beginning 74,000
Less: Work in process inventory, ending -98,000
Cost of goods manufactured $555,000

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