Question

Exercise 181 Fill in the missing information on the cost of goods manufactured schedule of Noland Manufacturing Company: NOLAND MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2016 Work in process (1/1) Direct materials Raw materials inventory (1/1) $340,000 Raw materials purchases 246,000 Raw materials available for use 37,000 Raw materials inventory (12/31) Direct materials used $255,000 Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities 19,000 38,000 39,000 Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 322,000 $480,000 Question Attempts: 0 of 1 used

Answer 1

Answer-

NOLAND MANUFACTURING COMPANY
COST OF GOODS MANUFACTURED SCHEDULE
FOR THE YEAR ENDED DECEMBER 31,2016
PARTICULARS	AMOUNT	AMOUNT	AMOUNT
	$	$	$
Work in process (1/1)			340000
Direct Materials
Raw materials inventory (1/1)	46000
Raw materials purchases	246000
Raw materials available for use	292000
Raw materials inventory (12/31)	37000
Direct materials used		255000
Direct labor		111000
Manufacturing overhead
Indirect labor	19000
Factory depreciation	38000
Factory utilities	39000
Total overhead		96000
Tota manufacturing costs			462000
Total cost of work in process			802000
Less- Work in process (12/31)			322000
Cost of goods manufactured			480000