Question

CLUCK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 1 Partially correct Mark 0.20 out of 2.00 Flag question Schedule of Cost of Goods Manufactured and Sold At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016: $25,000 15,000 30,000 Work in process inventory, December 3141,000 51,000 Finished goods inventory, December 31 36,000 Net delivered cost of materials purchased 125,000 148,000 12,000 37,000 10,000 65,000 21,000 62,000 Materials inventory. lanuary 1 Materials inventory, December 31 Work in process inventory, January 1 Finished goods inventory, January 1 Direct labor Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Selling expenses (total) Non-factory adminstrasive expenses (cotal) 58,000 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 it 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: 25,000 Beginning msteriais inventory

Answer 1

Direct material:
Beginning materials inventory	25000
Cost of materials purchased	125000
Cost of materials available for use	150000
Less: Ending materials inventory	15000
Total materials used	135000
Less: Indirect materials used	12000
Direct materials used		123000
Direct labor		148000
Manufacturing overhead:
Indirect material	12000
Indirect labor	37000
Factory supplies used	10000
Factory depreciation	65000
Factory repairs and maintenance	21000
Total manufacturing overhead		145000
Total manufacturing costs for the year		416000
Add: Beginning WIP inventory		30000
Total cost of work in progress during the year		446000
Less: Ending WIP inventory		41000
Cost of goods manufactured		405000
Beginning finished goods inventory		51000
Cost of goods available for sale		456000
Ending finished goods inventory		36000
Cost of goods sold		420000