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The following data (in thousands of dollars) have been taken from the accounting records of ABC...

The following data (in thousands of dollars) have been taken from the accounting records of ABC Corporation for the just-completed year. Sales $920 Purchases of raw materials $215 Direct labor $170 Manufacturing overhead $275 Administrative expenses $180 Selling expenses $140 Raw materials inventory, beginning $100 Raw materials inventory, ending $65 Work-in-process inventory, beginning $75 Work-in-process inventory, ending $35 Finished goods inventory, beginning $130 Finished goods inventory, ending $165 REQUIRED: Prepare a Schedule of Cost of Goods Manufactured Statement in the text box below.

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Answer #1

Schedule of cost of goods manufactured

Raw materials inventory in the begining 100

+ Purchases of raw materials 215

- Raw materials inventory at the end -65

Raw materials consumed 250

Direct labor 170

Prime cost 420

+ Manufacturing overhead 275

+ Work-in-progress inventory in the begining 75

- Work-in-progress inventory at the end -35

Works/Factory cost 735

+ Administrative expenses 180

Cost of production 915

+ Finished goods inventory in the begining 130

- Finished goods inventory at the end -165

Cost of goods sold 880

+ Selling expenses 140

Cost of sales/ Total cost 1020

- Loss -100

Sales 920

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