Question

Incomplete manufacturing cost data for Horizon Company for 2017 are presented as follows for four different situations. Indicate the missing amount for each letter. Direct Materials Used Direct Labor Used Work in ProcesS Work in Process 12/31 Total Cost of Goods Manufactured Manufacturing Manufacturing Overhead $91,200 133,700 Costs (1) $122,700 $142,700 (a) $36,800 (b) $365,100 (c 203,200 452,400 268,100 293,500 43,000 475,600 85,900 105,000 64,500 83,700 73,200 80,400 46,300 Ch) 273,800 LINK TO TEXT VIDEO: APPLIED SKILLS Prepare a condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2017 HORIZON COMPANY Cost of Goods Manufactured Schedule

Answer 1

	Direct material used	Direct labour used	Manufacturing overhead	Total manufacturing overhead	Work in process 1/1	Work in process 12/31	Cost of goods manufactured
1	122700	142700	91200	356600(a)	36800	28300 (b)	365100
2	115500©	203200	133700	452400	19800(d)	43000	475600
3	85900	105000	77200( e)	268100	64500	83700	248900 (f)
4	73200	139900 (g)	80400	293500	46300	66000 (h)	273800
Horizon company
Cost of goods manufactured schedule
Work in process 1/1				36800
Direct material			122700
Direct labour used			142700
Manufacturing overhead			91200
Total manufacturing cost				356600
Total cost of WIP				393400
Less: WIP 31/12				28300
Cost of goods manufactured schedule				365100
(a) total manufacturing overhead = 122700+142700+91200 = 356600
(b) WIP 12/31 = 365100-356600-36800 = 28300
( c) Direct material used = 452400-133700-203200 = 115500
(d) WIP 1/1 = 475600-452400-43000 = 19800
(e ) Manufacturing overhead = 268100-85900-105000 = 77200
( f ) Cost of goods manufactured = 268100+64500-83700 = 248900
(g) Direct labour used = 293500-80400-73200 = 139900
(h) WIP 31/12 = 273800-293500-43600 = 66000