Question

Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg Sales $ 1,162,000 37,000 54,300 68,400 173,800 250,000 23,100 59,000 5,250 56,000 93,000 133,000 48,600 47,600 71,500 Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative, expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 Exercise 14-13 Preparation of schedule of cost of goods manufactured LO P2 Prepare its sehedule of cost of goods manufactured for the year ended December 31, 2017 DELRAY MFG Schedule of Cost of Goods Manufactured

Answer 1

Solution

DELRAY MFG
Cost of Goods manufactured
For the year ended December 31, 2017
Labels	Amount Descriptions	Amount Descriptions
Direct materials
Direct materials inventory, December 31, 2016	$ 37,000
Direct materials purchases	$ 173,800
Cost of direct materials available for use	$ 210,800
Direct materials inventory, December 31, 2017	$ 48,600
Cost of direct materials placed in production		$ 162,200
Direct labor		$ 250,000
Factory overhead
Indirect Labor	$ 59,000
Factory Computer supplies used	$ 23,100
Repairs—Factory equipment	$ 5,250
Rent Expenses-Factory	$ 56,000
Total Factory Overheads		$ 143,350
Total Manufacturing Cost		$ 555,550
Add: Work in process inventory, December 31, 2016		$ 54,300
Total work in process during the period		$ 609,850
Less: Work in process inventory, December 31, 2017		$ 47,600
Costs of good manufactured		$ 562,250