Question

The following information is available for Tomlin Company.

				April 1		April 30
Raw materials inventory				$10,000		$13,500
Work in process inventory				4,500		3,000
Materials purchased in April		$97,500
Direct labor in April		79,500
Manufacturing overhead in April		155,000

Prepare the cost of goods manufactured schedule for the month of April.

Answer 1

Solution:

Schedule of cost goods manufactured
Direct materials:
Raw materaials inventory, beginning	$10,000
Add: purchase of raw materials	$97,500
Total raw materials available	$1,07,500
Deduct: Raw materials inventory, ending	$13,500	$94,000
Direct Labor		$79,500
Manufacturing overhead		$1,55,000
Total manufacturing costs		$3,28,500
Add: beginning work in process inventory		$4,500
Total cost of work in process		$3,33,000
Deduct ending work in process inventory		$3,000
Cost of goods manufactured		$3,30,000