Question

Requirement 1. Prepare a schedule for the cost of goods manufactured for

20172017.

Begin by preparing the schedule of cost of goods manufactured​ (in thousands). Start with the direct materials and labor​ costs, then indirect manufacturing​ costs, and complete the schedule by calculating cost of goods manufactured.

Neal Company
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 2017 (in thousands)
Direct materials:
	Beginning inventory, Jan. 1, 2017
	Purchases of direct materials
	Cost of direct materials available for use
	Ending inventory, Dec. 31, 2017
Direct materials used
Direct manufacturing labor

	Beginning of	End of
Neal Company	2017	2017
Direct materials inventory	22,000	29,000
Work-in-process inventory	21,000	20,000
Finished-goods inventory	10,000	27,000
Purchases of direct materials		76,000
Direct manufacturing labor		25,000
Indirect manufacturing labor		15,000
Plant insurance		7,000
Depreciation—plant, building, and equipment		12,000
Repairs and maintenance—plant		3,000
Marketing, distribution, and customer-service costs		95,000
General and administrative costs		32,000

Answer 1

Cost of goods Manufactured of Neal Company for 2017 Particolar Amanz Ethousaads) 69,000 25,000 Direct Material It opening Raw Material 22,000) 22,000 < Porchased during year 76.000 () Ending Inventory (29,000) it Direct Manufacturing labour Indirect expenses Indirect man facturing Labour plant insurance 7000 Depreciation 12,000 3000 Repairs & Maintaince 16 cost of opening work-in-process inventory - Cost of ending workin- Process inventory 15.000 37,000 21,000 (20,000) Costal Good Manufactured of weal Company 1,32,000