Question

An incomplete cost of goods manufactured schedule is presented below for Cepeda Manufacturing Company for the year ended December 2020:

Complete the cost of goods manufactured schedule for Cepeda Manufacturing Company.

Complete the cost of goods manufactured schedule for Cepeda Manufacturing Company.

CEPEDA MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 $217,000 Work in process (1/1) Direct materials Raw materials inventory, (1/1) Raw materials purchases 167,000 Total raw materials available for use 18,000 Less: Raw materials inventory (12/31) Direct materials used $187,000 Direct labour Manufacturing overhead Indirect labour Factory depreciation Factory utilities Total manufacturing overhead 15,400 37,000 68,500 120,900 X Total manufacturing costs X Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 80,600 $550,600

Answer 1

Notes:

	$
Total cost of work in process
Cost of Goods Manufactured	$550,600
Add: Work in Process	$80,600
	$631,200
Total manufacturing costs:
Total cost of work in process	$631,200
Less: Work in process	$217,000
	$414,200
Direct labor:
Total Manufacturing Cost	$414,200
Less: Direct Material used	($187,000)
Less: Manufacturing overhead	($119,900)
	$107,300
Total Raw Material available for use
Direct Material used	$187,000
Raw material inventory	$18,000
	$205,000
Raw Material Inventory
Total Raw Materials Available for use	$205,000
Less: Raw material purchase	($167,000)
	$38,000

CEPEDA MANUFACTURING COMPANY
Cost of Goods Manufactuted schedule
For the year ended december 31 2020
	$	$	$
Work in process			$217,000
Direct Materials:
Raw Materials Inventory	$38,000
Raw Material purchases	$167,000
Total Raw materials available for purchase	$205,000
Less: Raw Material inventory (12/31)	$18,000
Direct Materials used		$187,000
Direct Labor		$107,300
Manufacturing Overhead
Indirect labor	$15,500
Factory depreciation	$36,400
Factory Utilities	$68,000
Total Manufacturing overhead		$119,900	$414,200
Total Manufacturing costs			$631,200
Less: work in process (12/31)			$80,600
Cost of goods Manufactured			$550,600