The following data relates to the Biofuel Products Company for the fiscal year ended December 31:...
The following data relates to the Biofuel Products Company for the fiscal year ended December 31:
Direct Materials Inventory, Beginning $40
Direct Materials Inventory, Ending 50
Work-in-Process Inventory, Beginning 55
Work-in-Process Inventory, Ending 45
Finished Goods Inventory, Beginning 70
Finished Goods Inventory, Ending 60
Direct Materials Purchases 310
Direct Labor 60
Factory Overhead 160
Required: Prepare a statement of cost of goods manufactured.
Homework Answers
Schedule of Cost of goods manufactured
|
Direct materials: |
|
|
Beginning raw material inventory |
40 |
|
Add: Purchases of raw material |
310 |
|
Total raw materials available |
350 |
|
Less: Ending raw materials inventory |
- 50 |
|
Raw materials used in production |
300 |
|
Direct labor |
60 |
|
Factory overhead |
160 |
|
Total manufacturing cost |
520 |
|
Add: Beginning work in process inventory |
55 |
|
575 |
|
|
Less: Ending work in process inventory |
- 45 |
|
Cost of goods manufactured |
$530 |
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