Homework Answers
| Schedule of cost of goods manufactured | ||
| for the year ended…………. | ||
| direct materials: | ||
| opening raw material | $ 13,000.00 | |
| add:purchase of rae material | $ 198,000.00 | |
| less: closing raw material | $ 16,000 | |
| raw materila consumed | $ 195,000 | |
| direct labor | $ 283,000 | |
| manufacturing overhead | ||
| factory maintance | $ 74,000 | |
| indirect labor | $ 39,000 | |
| factory utilities | $ 67,000 | |
| factory insurance | $ 49,000 | |
| indirect materilas | $ 37,600 | |
| depreciation | $ 60,000 | |
| Total overhead cost | $ 326,600 | |
| total manufacturing costs | $ 804,600 | |
| add :opening WIP | $ 26,000 | |
| :less : closing WIP | $ 34,000 | |
| cost of goods manufactured | $ 796,600 | |
| add: opening finished good inventory | $ 63,000 | |
| less: closing finished good inventory | $ 54,600 | |
| cost of good sold | $ 805,000 | |
| less : adminstrative expenses | $ 101,200 | |
| less: selling expenses | $ 97,600 | |
| total operating expenses(a) | $ 1,003,800 | |
| Less sales(b) | $ 1,500,000 | |
| net profit(b-a) | $ 496,200 | |
| closing raw materials= opening raw material +purchase-consumption of raw materials | ||
| =13000+198000-195000 | ||
| =16000 | ||
| closing finished goods inventory=cost of goods manufactured+opening finished good inventory- cost of good sold | ||
| =796600+63000-805000 | ||
| =54600 |
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