Question

1. XYZ has  the following account balances in its general  ledger for the month ending November 30 2018.

Beginning Work in Process Inventory                                            $50,000

Working ending process                                                                       $30,000

Direct Material Used                                                                              $110,000                                                                   

Direct labor used                                                                                            80,000

Factory Overhead                                                                                      $120,000*

• Note factory overhead includes $ 20,000 depreciation on                                                                                                                                                on old truck used by the selling Dept.

Required:

Prepare in good form the Cost of Good manufactured Report for XYZ Company. Use the space provided below.

Answer 1

Answer

• Requirement asked

Cost of Goods manufactured Report
for the month ending 30 Nov 2018
Beginning WIP Inventory		$50,000
Direct material used	$110,000
Direct Labor used	$80,000
Factory Overheads ($120000-20000)	$100,000
Total manufacturing cost		$290,000
Total Cost of Work in Process		$340,000
Less: Ending WIP Inventory		$30,000
Cost of Goods manufactured		$310,000