Question

Support 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: Materials inventory, January 1 $25,000 Materials inventory, December 31 15,000 Work in process inventory, January 1 30,000 Work in process inventory, December 31 41,000 Finished goods inventory, January 1 51,000 Finished goods inventory, December 31 36,000 Net delivered cost of materials purchased 150,000 Direct labor 148,000 Indirect material 12,000 Indirect labor 37,000 Factory supplies used 10,000 Factory depreciation 65,000 Factory repairs and maintenance 21,000 Selling expenses (total) 62,000 Non-factory administrative expenses (total) 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. Do not use negative signs with any of your answers. Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and sold For the Year Ended December 31, 2019 Direct material: Beginning materiale inventar

Answer 1

Answer -

Lederman Manufacturing Corporation

Schedule of Cost of Goods Manufactured and sold For the Year Ended December 31, 2019

	Explanation	Amount ($)	Amount ($)
Direct material:	-	-	-
Beginning materials inventory	Given in question	25000	-
Cost of materials purchased	Given in question	150000
Cost of material available	$25000 + $150000	175000
Less: Ending materials inventory	Given in question	15000
Total materials used	$175000 - $15000	160000
Less: Indirect materials used	Given in question	12000
Direct materials used	$160000 - $12000	-	148000
Direct labor	Given in question	-	148000
Manufacturing overhead	-	-	-
Indirect material	Given in question	12000	-
Indirect labor	Given in question	37000	-
Factory supplies used	Given in question	10000	-
Factory depreciation	Given in question	65000	-
Factory repairs and maintenance	Given in question	21000	-
Total manufacturing overhead	$12000+$37000+$10000+$65000+$21000	-	145000
Total manufacturing costs for the year	$148000+$148000+$145000	-	441000
Add: Beginning work in process inventory	Given in question	-	30000
Total cost of work in process during the year	$441000+$30000	-	471000
Less: Ending work in process inventory	Given in question	-	41000
Cost of goods manufactured	$471000 - $41000	-	430000
Add: Beginning finished goods inventory	Given in question	-	51000
Cost of goods available for sale	$430000 + $51000	-	481000
Less: Ending finished goods inventory	Given in question	-	36000
Cost of goods sold	$481000 - $36000	-	445000