Question

LO3 E2-6A. Schedule of Cost of Goods Manufactured and Sold At December 31, 2019, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2019: MBC ...... 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 materials ..... Indirect labor................ Factory supplies used. . . . . . . . . . Factory depreciation............ Factory repairs and maintenance..... Selling expenses (total) ........... Non-factory administrative expenses (total)..... $ 25,000 15,000 30,000 41,000 51,000 36,000 150,000 148,000 12,000 37,000 10,000 65,000 21,000 62,000 58,000 Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31, 2019, assuming that there were no other manufacturing overhead items than those listed above.

If you could please explain how you get the answers it would really help me

Answer 1

Lederman Manufacturing Corporation Schedule of cost of Goods manufactured Particular Amount Amount Beginning material Material Purchase 25,000 1,50,000 Less Closing material 15,000 Material Consumed Direct Labor Prime Cost Add: Manufacturning overheads 1,60,000 $ 1,60,000 $ 1,48,000 $ 3,08,000 Indirect material 12,000 Indirect labor 37,000 Factory supplies used Factory depreciation Factory reparie and maintenance Total maufacturing overheads Total manufacturing cost Add opening WIP Less: closing WIP 10,000 65,000 21,000 $ 1,45,000 $ 4,53,000 30,000 41,000 $ 4,42,000 Cost of goods manufactured

Lederman Manufacturing Corporation Schedule of cot of goods sold Particular Amount Cost of goods manufactured Add Finished Goods Inventory Cost of Goodsavailable for sale Less: Finished good, dec 31 Cost of Goods sols 2$ 4,42,000 2$ 51,000 4,93,000 2$ 36,000 4,57,000

Note: selling and non factory administration expenses are not part of cogas and cogs