Question

The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. 24.800 120,000 77,400 March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Pinished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $ 85,800 145, 300 81,400 $120,000 101,100 61,300 359,000 Required a. Prepare a schedule of cost of goods manufactured and sold.

Answer 1

	FLAXMAN MANUFACTURING COMPANY
Schedule of Cost of Goods Manufactured and Sold
	For March 2018
Beginning raw materials inventory					124,800
purchases					120,000
Raw materials available for use					244,800
Ending raw materials inventory					85,800
Direct raw materials used					159,000
Direct labor					101,100
manufacturing overhead					61,300
Total manufacturing cost					321,400
beginning work in process inventory					120,000
total work in process inventory					441,400
Ending work in process inventory					145,300
cost of goods manufactured					296,100
beginning finished goods inventory					77,400
cost of goods available for sale					373,500
ending finished goods inventory					81,400
cost of goods sold					292,100