Question

Exercise 19-12 a-b (Part Level Submission)

Lily Corporation has the following cost records for June 2020.

Indirect factory labor		$5,490		Factory utilities		$490
Direct materials used		21,980		Depreciation, factory equipment		1,500
Work in process, 6/1/20		3,250		Direct labor		42,400
Work in process, 6/30/20		4,400		Maintenance, factory equipment		1,880
Finished goods, 6/1/20		5,550		Indirect materials		2,930
Finished goods, 6/30/20		7,830		Factory manager’s salary		3,770

Prepare a cost of goods manufactured schedule for June 2020.

LILY CORPORATION Cost of Goods Manufactured Schedule

Answer 1

Solution

LILY CORPORATION
Schedule of Cost of Goods Manufactured
Direct Material Used		$         21,980.00
Direct labor		$         42,400.00
Manufacturing overheads
Indirect factory labor	$          5,490.00
Factory utilities	$              490.00
Depreciation, factory equipment	$          1,500.00
Maintenance, factory equipment	$          1,880.00
Indirect materials	$          2,930.00
Factory manager’s salary	$          3,770.00
Total Manufacturing overheads		$         16,060.00
Total manufacturing Cost During the month		$         80,440.00
Add: Work in process Beginning		$           3,250.00
Total Work in Process		$         83,690.00
Less: Work in progress Ending		$           4,400.00
Cost of Goods Manufactured		$         79,290.00