Answer
Schedule of Cost of Goods Manufactured |
||
Direct materials: |
||
Beginning raw material inventory |
$0 |
|
Add: Purchase of raw material |
$51,500 |
|
Total raw materials available |
$51,500 |
|
Less: Ending raw material inventory |
$25,750 |
|
Raw material used in production |
$25,750 |
|
Direct labor cost |
$41,350 |
|
Manufacturing Overhead applied |
$31,050 |
|
Total manufacturing costs |
$98,150 |
|
Add: Beginning WIP Inventory |
$0 |
|
Total cost of Work in Process |
$98,150 |
|
Less: Ending WIP Inventory |
$5,300 |
|
Cost of Goods manufactured |
$92,850 |
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