Question

The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. $123,900 119,500 77,000 March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $ 85,900 146,900 80,200 $ 118,300 100,400 61,700 352,000 Required a. Prepare a schedule of cost of goods manufactured and sold. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March 2018 Raw materials available for use Direct raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods available for sale Cost of goods sold

Answer 1

FLAXMAN MANUFACTURING COMPANY

Schedule of Cost of Goods Manufactured and Sold

Beginning inventory of raw materials	$123,900
Cost of raw materials purchased	$118,300
Raw materials available for use	$242,200
Ending inventory of raw materials	($85,900)
Direct raw materials used	$156,300
Cost of direct labor	$100,400
Cost of manufacturing overhead	$61,700
Total manufacturing costs	$318,400
Beginning work in process	$119,500
Total work in process inventory	$437,900
Ending work in process inventory	($146,900)
Cost of goods manufactured	$291,000
Beginning finished goods inventory	$77,000
Cost of goods available for sale	$368,000
Ending finished goods inventory	($80,200)
Cost of goods sold	$287,800