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

Materials inventory, January 1	$81,250
Materials inventory, December 31	48,750
Work in process inventory, January 1	97,500
Work in process inventory, December 31	133,250
Finished goods inventory, January 1	165,750
Finished goods inventory, December 31	117,000
Net delivered cost of materials purchased	406,250
Direct labor	481,000
Indirect material	39,000
Indirect labor	120,250
Factory supplies used	32,500
Factory depreciation	211,250
Factory repairs and maintenance	68,250
Selling expenses (total)	201,500
Non-factory administrative expenses (total)	188,500

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.

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 81,250 Cost of materials purchased 406,250 Cost of material available 487,500 Less: Ending materials inventore 487,500 x Total materials used 0 x Less: Indirect materials used 438,750 x Direct materials used $ 438,750 x Direct labor 481,000 Manufacturing overhead Indirect material 39,000 Indirect labor 120,250 Factory supplies used 32,500 Factory depreciation 211,250 Factory repairs and maintenance 68,250 Total manufacturing overhead 471,250 Total manufacturing costs for the year 1,391,000 x Beginning work in procese 165,750 x Total cost of work in process during the year 117,000 x Less: Ending work in process in 48,750 x Cost of goods manufactured 0 x Add: Beginning finished goods 0x Cost of goods available for sale ох Less: Ending finished goods inve 188,500 x Cost of goods sold $ 1,794,000 x Add: Check

Answer 1

Answer

Lederman Manufacturing Corporation
Schedule of Cost of Goods Manufactured and Sold
For the Year Ended December 31, 2016
Direct material:
Beginning materials inventory		$81,250
Cost of materials purchased		$406,250
Cost of material available		$487,500
Less:	Ending materials inventory	$48,750
Total materials used		$438,750
Less:	Indirect materials used	$39,000
Direct materials used			$399,750
Direct labor			$481,000
Manufacturing overhead
Indirect material		$39,000
Indirect labor		$120,250
Factory supplies used		$32,500
Factory depreciation		$211,250
Factory repairs and maintenance		$68,250
Total manufacturing overhead			$471,250
Total manufacturing costs for the year			$1,352,000
Add:	Beginning work in process inventory		$97,500
Total cost of work in process during the year			$1,449,500
Less:	Ending work in process inventory		$133,250
Cost of goods manufactured			$1,316,250
Add:	Beginning finished goods inventory		$165,750
Cost of goods available for sale			$1,482,000
Less:	Ending finished goods inventory		$117,000
Cost of goods sold			$1,365,000