Question

Bravo Company manufactures quality gentlemenks clothing. The following selected financial information for the fiscal year 2016 is provided:

ITEM	AMOUNT
SALES	$100,000
COST OF GOODS MANUFACTURED	65,000
DIRECT MATERIAL PURCHASED	25,000
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 prepare a detailed Schedule of Costs of Goods Manufactured for FY 2016: (Round dollar values & enter as whole dollars only.)

Answer 1

Use this information to prepare a detailed Schedule of Costs of Goods Manufactured for FY 2016:

Beginning work in process january 1			30000
Beginning direct material	15000
Direct material purchases	25000
	40000
Less: Ending direct material	-10000
Direct material used		30000
Direct labour		10000
Factory overhead		10000
Total manufacturing cost			50000
Cost of work in process			80000
Less: Ending work in process			-15000
Cost of goods manufactured			65000