Question

Required information [The following information applies to the questions displayed below] Marco Polo Map Company's cost of goods sold for March was $344.000. March 31 work-in-process Inventory was 90 percent of March 1 work-in-process Inventory. Manufacturing overhead applied was 50 percent of direct-labor cost. Other Information pertaining to the company's Inventories and production for the month of March is as follows: $ 16,000 Beginning inventories, March 1: Raw material Work in process Finished goods Purchases of raw material during March Ending Inventories, March 31: Raw material work in process Finished goods 1e1, 114,000 26.000 105,000 Required: 1. Prepare a schedule of cost of goods manufactured for the month of March MARCO POLO MAP COMPANY Schedule of Cost of Goods Manufactured For the Month of March Directa Raw-material inventory, March 1 Raw material available for use Raw materials used Director Manufacturing overhead poled Tots manufacturing costs

Answer 1

Schedule of cost of goods manufactured

For the month of March

Direct material
Raw material inventory March 1	16000
Raw material purchase	114000
Raw material available for use	130000
Less: Raw material March 31	-26000
Raw material used		104000
Direct labor (240000/1.5)		160000
Manufacturing overhead applied		80000
Total manufacturing cost		344000
Beginning work in process		40000
Sub total		384000
Less: Ending work in process (40000*90%)		36000
Cost of goods manufactured		348000