Question

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SHERIDAN COMPANY Cost of Goods Manufactured Schedule

Work in process (1/1)						$215,370
Direct materials
Raw materials inventory (1/1)		$ ____
Add: Raw materials purchases		164,870
Total raw materials available for use		______
Less: Raw materials inventory (12/31)		27,100
Direct materials used				$183,400
Direct labor				______
Manufacturing overhead
Indirect labor		21,960
Factory depreciation		36,430
Factory utilities		71,750
Total overhead				130,140
Total manufacturing costs						419090
Total cost of work in process						______
Less: Work in process (12/31)						88,810
Cost of goods manufactured						$545,650

Answer 1

215370 Sheridan Company Statement of Cost of goods Manufactured For the year ended Work in process (1/1) Direct Materials: Raw material Inventory (1/1) 45630 Add: Raw material purchased 164870 Total raw materials available for use 210500 Less: Raw material Inventory (12/31) 27100 Direct materials used Direct labor Manufacturing over head: Indirect labor 21960 Factory depreciation 36430 Factory utilities 71750 Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods Manufactured 183400 105550 130140 419090 634460 88810 545650