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Prepare a schedule of cost of goods manufactured.
Sipacore, Inc. Schedule of Cost of Goods Manufactured For the Quarter Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017 |
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Ending balance in finished goods inventoryEnding balance in work in process inventoryBeginning balance in work in process inventoryCost of goods manufacturedSalesBeginning balance in finished goods inventoryDirect materialManufacturing overheadDirect laborCurrent manufacturing costsSelling and administrative expensesTotal current manufacturing costsTotal |
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AddLess :Ending balance in work in process inventoryDirect materialBeginning balance in finished goods inventoryDirect laborSalesTotal current manufacturing costsBeginning balance in work in process inventorySelling and administrative expensesEnding balance in finished goods inventoryManufacturing overheadCost of goods manufacturedCurrent manufacturing costsTotal : |
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Direct labor Ending balance in work in process inventory Manufacturing overhead Cost of goods manufactured Selling and administrative expenses Ending balance in finished goods inventory Beginning balance in finished goods inventory Current manufacturing costs Total current manufacturing costs Direct material Total Sales Beginning balance in work in process inventory |
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Cost of goods manufactured Beginning balance in finished goods inventory Direct labor Selling and administrative expenses Current manufacturing costs Total current manufacturing costs Total Sales Beginning balance in work in process inventory Ending balance in work in process inventory Ending balance in finished goods inventory Direct material Manufacturing overhead |
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Beginning balance in finished goods inventory Ending balance in work in process inventory Direct material Current manufacturing costs Ending balance in finished goods inventory Sales Total current manufacturing costs Direct labor Beginning balance in work in process inventory Manufacturing overhead Cost of goods manufactured Selling and administrative expenses Total |
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Ending balance in finished goods inventoryDirect materialBeginning balance in finished goods inventorySelling and administrative expensesDirect laborManufacturing overheadBeginning balance in work in process inventoryCost of goods manufacturedCurrent manufacturing costsTotal current manufacturing costsTotalSalesEnding balance in work in process inventory |
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Direct labor Manufacturing overhead Cost of goods manufactured Beginning balance in work in process inventory Beginning balance in finished goods inventory Total Sales Selling and administrative expenses Direct material Ending balance in finished goods inventory Current manufacturing costs Total current manufacturing costs Ending balance in work in process inventory |
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AddLess :TotalSalesEnding balance in finished goods inventoryManufacturing overheadCost of goods manufacturedBeginning balance in work in process inventorySelling and administrative expensesEnding balance in work in process inventoryBeginning balance in finished goods inventoryDirect laborDirect materialCurrent manufacturing costsTotal current manufacturing costs |
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Beginning balance in finished goods inventoryManufacturing overheadCurrent manufacturing costsEnding balance in work in process inventoryCost of goods manufacturedDirect laborTotal current manufacturing costsDirect materialSalesBeginning balance in work in process inventorySelling and administrative expensesTotalEnding balance in finished goods inventory |
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Solution
Sipacore, Inc. | |||
Schedule of Cost of Goods Manufactured | |||
For the Year Ended December 31, 2017 | |||
Beginning work in process inventory | $ 230,000 | ||
Direct material used | $ 2,840,000 | ||
Direct labor | $ 2,860,000 | ||
Manufacturing overhead | $ 1,700,000 | ||
Current manufacturing costs | $ 7,400,000 | ||
Total current manufacturing cost | $ 7,630,000 | ||
Less: Ending balance in work in process inventory | $ 280,000 | ||
Cost of goods manufactured | $ 7,350,000 |
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December...
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