Question

Schedule of Cost of Goods Manufactured and Sold At December 31,2016, the end of its fisal year, Kelly Metal Products Corporation collected the following data for 2016 Materials inventory, January 1 Materials inventory, December 31 Work in process inventory, January 1 Work in process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Net delivered cost of materials purchased Direct labor Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Selling expenses (total) Non-factory administrative expenses (total) $8,000 5,500 8,500 11,250 5,250 4,500 52,500 33,750 3,250 6,250 3,000 19,500 7,000 15,750 14,250 Prepare a schedule of cost of goods manufactured and sold for Kelly Metal Products Corporation for the year ended December 31,2016, assuming that there were no other manufacturing overhead items than those listed above Do not use negative signs with any of your answers.

Answer 1

	Schedule of Cost of Goods Manufactured and Sold
	Direct Material:
	Beginning materials inventory					8,000
	cost of materials purchased					52,500
	cost of material available					60,500
	less:	Ending materials inventory				5,500
	total materials used					55,000
	less:	Indirect materials				3,250
	Direct materials used						51,750
	Direct labor						33,750
	Manufacturing overhead
	Indirect material					3,250
	indirect labor					6,250
	Factory supplies used					3,000
	Factory depreciation					19,500
	Factory repairs and maintenance					7,000
	Total manufacturing overhead						39,000
	total manufacturing costs for the year						124,500
	Add:	Beginning work in process					8,500
	Total cost of work in process during the year						133,000
	less:	Ending work in process					11,250
	Cost of goods manufactured						121,750
	Add:	Beginning finished goods inventory					5,250
	cost of goods available for sale						127,000
	less:	Ending finished goods inventory					4,500
	cost of goods sold						122,500