Question

Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31,2016, assuming that there were no other manufacturing overhead items than those listed above Do not use negative signs with any of your answers. Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $ 60000 x Beginning work in process inv X 60000 x Cost of material available Ox Less: Ending materials inventore Ox Total materials used 0x Less: Indirect materials used ✓ OX Direct materials used Direct labor OX Manufacturing overhead Indirect material 24000 x Indirect labor 74000 x Factory supplies used 20000 x Factory depreciation 130000 x Factory repairs and maintenance 42000 x Total manufacturing overhead 29000 x Total manufacturing costs for the year 85600 x Add: Beginning work in proces. • * 0x Total cost of work in process during the year 916000 x Less: Beginning work in proces X Ox Cost of goods manufactured 834000 x Beginning work in proces * 0 x Cost of goods available for sale 936000 x Less: Beginning work in proces. * 72000 x Cost of goods sold $ 86400 x Add: Check

Answer 1

Amount $369,000 $444,000 Lederman Manufacturing Corporation Schedule of Cost of Good Manufactured and sold For the year ended December 31, 2016 Particulars Amount Direct Materials Beginning Material, Inventory $75,000 Add: Net Delivered cost of materials purchased $375,000 Cost of Material Available $450,000 Less: Ending Material, Inventory $45,000 Total Material Used $405,000 Less: Indirect Materail used $36,000 Direct Materials used Add: Direct Labor Add: Manufacturing Overhead Indirect Material $36,000 Indirect Labor $111,000 Factory Suppllies Used $30,000 Factory Depreciation $195,000 Factory Repairs and Maintainence $63,000 Total Manufacturing Overhead Total Manufacturing Cost for the year Add: Beginning Work-In-Progress inventory Total cost of work in progress Less: Ending Work-In-Progress inventory Cost Of Goods Manufactured Add: Beginning Fininshed Goods Inventory Cost of Good Available for sale Less: Ending Fininshed Goods Inventory Cost of Good sold $435,000 $1,248,000 $90,000 $1,338,000 $123,000 $1,215,000 $153,000 $1,368,000 $108,000 $1,260,000