Question

P15-4B This data is from the records of Moxie Co. for the year ended December 31, 2017. Raw Materials Inventory 1/1/17 47,000 Factory Insurance 7,400 Raw Materials Inventory 12/31/17 44,200 Factory Mach. Deprec. 7,700 Finished Goods Inventory 1/1/17 85,000 Factory Utilities 12,900 Finished Goods Inventory 12/31/17 57,800 Office Utilities Expense 8,600 Work in Process Inventory 1/1/17 9,500 Plant Managers Salary 60,000 Work in Process Inventory 12/31/17 8,000 Factory Property Taxes 6,100 Direct Labor 145,100 Factory Repairs 800 Indirect Labor 18,100 Raw Materials Purchase 62,500

Instructions

(A) Prepare a cost of goods manufactured schedule (below) using the data ABOVE.

(B)

                             (Assume all raw materials used were direct materials.)

Answer 1

$ 9,500 MOXIE COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017 Work in Process Inventory, January 1 Direct Material Raw Material Inventory, January 1 $ 47,000 Raw Material Purchase $ 62,500 Total Raw materials available for use $ 109,500 Deduct: Raw Materials Inventory, December 31 Direct Materials used $ 65,300 Direct Labor $ 145,100 Manufacturing Overhead: Indirect Labor $ 18,100 Factory Insurance $ 7,400 Machinery Depreciation $ 7,700 Factory Utilities $ 12,900 Plant Mangers salary $ 60,000 Factory Property taxes $ 6,100 Factory Repairs $ 800 Total Manufacturing Overhead $ 113,000 Total manufacturing costs Total cost of work in Process Deduct: Work in Process inventory,December 31 Cost of Goods Manufactured $ 323,400 $ 332,900 $ 8,000 $ 324,900