Question

Renkas Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2018: (Click the icon to view year-end information.) Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Renkas manufactured 2,820 lamps for the year? Requirement 1. Use the information to prepare a schedule of cost of goods manufactured. Data Table - X Renkas, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 Balances: Direct Materials Beginning Ending $ 51,000 $ 28,000 64,000 Direct Materials Used: 103.000 44.000 53,000 $ 13,000 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 Direct Materials Used 152,000 23,000 45,000 Manufacturing Overhead: 8,000 Indirect labor 36,000 Direct labor 129,000 Administrative expenses 59,000 Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Print Done Cost of Goods Manufactured

Answer 1

Schedule cost of goods manufactured

Beginning work in process			103000
Direct material used
Beginning direct material	51000
Direct material purchase	152000
Direct material available for use	203000
Less: Ending direct material	-28000
Direct material used		175000
Direct labor		129000
Manufacturing overhead
Depreciation, plant building and equipment	13000
Insurance on plant	23000
Repairs and maintenance	8000
Indirect labor	36000
Total manufacturing overhead		80000
Total manufacturing cost incurred during the year			384000
Total manufacturing costs to account for			487000
Less: Ending WIP			-64000
Cost of goods manufactured			423000

Unit product cost = 423000/2820 = 150 per unit