Homework Answers
Schedule of cost of goods manufactured and cost of goods sold
Particulars Amount
Direct material used in production $120,000
Direct labour $110,000
Manufacturing overhead ( wn-1) $97,000
Total manufacturing cost $327,000
Add: Beginning work-in-progress $12,000
Less: closing work-in-progress ($15,500)
Cost of goods manufactured $323,500
Add: beginning finished goods in inventory $60,000
Less: closing finished goods in inventory ($45,600)
Cost of goods sold $337,900
Working note:1
Manufacturing overhead =
Depreciation on plant $60,000
Factory supplies used $23,000
Property tax on plant. $14,000
Total =$97,000
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