Question

Jones Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2018 Click the icon to view year-end information) Requirements 1. Use the information to prepare a schedule of cost of goods and factured 2. What is the unit product cost Jones mandaclured 2.820 lamps for the year? Requirement 1. Use the information to prepare a schedule of cost of goods manufactured Jones, Corp Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 © Data Table Direct Materials Used Balances: Direct Materials Work in Process inventory Fished Goods Invertory Other information Beginning $ 60,000 101.000 40.000 Ending $ 28,000 67.000 53.000 15 000 Direct Materials Used Manufacturing Overhead: Depreciation plant bulding and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance plant Indirect labor Director Ad v e expenses 157.000 30,000 48.000 7.000 38.000 127.000 51000 Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Prie Dore Cost of Goods Manufactured

Answer 1

Schedule of cost of goods manufactured

Year ended December 31, 2018

Work in process			101,000
Direct material used :
Direct material, beginning	60,000
Direct material purchase	157,000
Total direct material available	217,000
Direct material, ending	-28,000
Direct material used		189,000
Direct labor		127,000
Manufacturing overhead :
Depreciation plant, building and equipment	15,000
Insurance on plant	30,000
Repair and maintenance - Plant	7,000
Indirect labor	36,000
Total manufacturing overhead		88,000
Total manufacturing cost incurred during the year			404,000
Total manufacturing costs to account for			505,000
Work in process, ending			-67,000
Cost of goods manufactured			$438,000

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