Question

The following data from the just completed year are taken from the accounting records of Mason...

The following data from the just completed year are taken from the accounting records of Mason Company:


  
  Sales $ 654,000
  Direct labor cost $ 82,000
  Raw material purchases $ 133,000
  Selling expenses $ 101,000
  Administrative expenses $ 47,000
  Manufacturing overhead applied to work in process $ 210,000
  Actual manufacturing overhead costs $ 225,000

   

  Inventories Beginning
of Year		 End of
Year
  Raw materials $ 8,500     $ 10,100   
  Work in process $ 5,700     $ 20,300   
  Finished goods $ 74,000     $ 25,700   

   

Required:
1.

Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

      

Business   Accounting   
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Answer #1
Schedule of Cost of Goods Manufactured
Direct materials:
Beginning raw materials inventory 8500
Add: Purchases of raw materials 133000
Raw materials available for use 141500
Deduct: Ending raw materials inventory 10100
Raw materials used in production 131400
Direct labor 82000
Manufacturing overhead 210000
Total manufacturing costs 423400
Add: Beginning work in process inventory 5700
429100
Deduct: Ending work in process inventory 20300
Cost of goods manufactured 408800
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