The following information is from ABC Company’s general ledger: Beginning and ending inventories, respectively, for raw materials were $9,600 and $11,600 and for work in process were $21,600 and $23,600. Raw material purchases and direct labor costs incurred were $37,600 each, and manufacturing overhead applied amounted to $21,600.
Required: Prepare a statement of cost of goods manufactured for ABC Company. (Amounts to be deducted should be indicated by a minus sign.)
Homework Answers
| Raw material | ||
| Raw material Inventory, Beginning | 9600 | |
| Purchases | 37600 | |
| Raw material available for sale | 47200 | |
| Less: Raw material inventory, ending | -11600 | |
| Raw material used | 35600 | |
| Direct labor | 37600 | |
| Manufacturing overhead applied | 21600 | |
| Total manufacturing cost | 94800 | |
| Beginning work in process | 21600 | |
| Total Cost of work in process | 116400 | |
| Less: Ending work in process | -23600 | |
| Cost of goods manufactured | 92800 | |
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