Question

Drake Company manufactures quality gentlemen's clothing.  The following selected financial information for the fiscal year 2017 is provided:

Item	Amount
Sales	$100,000
Cost of Goods Manufactured	75,000
Direct Material Purchased	30,000
Factory Overhead	10,000
Work in Process - January 1	30,000
Work in Process - December 31	15,000
Direct Material - December 31	10,000
Finished Goods Inventory - December 31	60,000
Net Income	15,000
Direct Materials used	30,000
Cost of Goods Sold	55,000

Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2017: (Round dollar values & enter as whole dollars only.)

Schedule of Costs of Goods Manufactured

Schedule of Costs of Goods Manufactured

Answer 1

Schedule of cost of goods manufactured :

Beginning work in process			30000
Beginning direct material	10000
Direct material purchase	30000
	40000
Less: Ending direct material	-10000
Direct material		30000
Direct labour		20000
Factory overhead		10000
Total manufacturing cost			60000
Total cost of work in process			90000
Less: Ending work in process			-15000
Cost of goods manufactured			75000