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Preparing a schedule of cost of goods manufactured for Wilson CorpE16-20 Preparing a schedule of cost of goods manufactured Wilson Corp., a lamp manufacturer, provided the following information for the year ended December 31,2018 Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Beginning Ending $59,000 23,000 62,000 44,000 109,000 41,000 $ 16,000 151,000 24,000 47,000 10,000 39,000 121,000 60,000 Requirements 1. Use the information to prepare a schedule of cost of goods manufactured 2. What is the unit product cost if Wilson manufactured 3,700 lamps for the year?

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Schedule of Cost of Goods Manufactured Direct Materials Opening Balance Add: Purchases 59,000 1,51,000 2,10,000 23,000 Less: Closing Balance Direct materials used in production 1,87,000 1,21,000 Direct Labour Manufacturing Overhead Depreciation- plant Insurance of plant Repairs and maintenance Indirect labor 16,000 24,000 10,000 39,000 89,000 Total manufacturing cost 3,97,000 Add: Work in progress (Opening) Less: Work in progress (Closing) 1,09,000 62,000 47,000 Cost of goods manufactured 5,68,000 Add: Finished Goods (Opening) Less: Finished Goods (Closing) 41,000 44,000 -3,000 Cost of goods sold 8,38,000Nb: please feel free to ask any doubts at any time. Thank you

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