Question

At December 31,2016, the end of its fiscal year, Wicno Corporation collected the following data for 2016

Materials inventory, January 1	$81,250
Materials inventory, December 31	48,750
Work in process inventory, January 1	97,500
Work in process inventory, December 31	133,250
Finished goods inventory, January 1	165,750
Finished goods inventory, December 31	117,000
Net delivered cost of materials purchased	406,250
Direct labor	481,000
Indirect material	39,000
Indirect labor	120,250
Factory supplies used	32,500
Factory depreciation	211,250
Factory repairs and maintenance	68,250
Selling expenses (total)	201,500
Non-factory administrative expenses (total)	188,500

Prepare a schedule of cost of goods manufactured and sold for Wicno Corporation for the year ended December 31,2016, assuming that there were no other manufacturing overhead items than those listed above.

Do not use negative signs with any of your answers.

Answer 1

cost of Goods Manufactured Direct Materials Raw Materials beginning balance 81250 Addi - Raw Materials purchased 406250 487500 Less - Raw Materials ending 48750 balance Raw Materials used 438- Direct Lalour 438750 481.000 Manufacturing overhead Indirect Material Indirect Labor factory Supplies used Factory depreciation factory Repairs & main tainence 39000 120250 32500 211aso 68250 471250 Addi- work in progress beginning 2 Total Manufacturing Costs. desin work-in-progods endo Cost of goods manifaction 7500 , 391,000 entre oso) (35750) 1355250

5 kr 15, FE Cost of Goods sold/sales Less - close Cost of production 1355250 of finished a Add: - Opening Stock na 165750 Less - closing stock of finished 117000 goods Cost of goods sold a lon 48750 Add:- Selling Expenses 201500 Non-factory administra- Otive Expenses 188500 - cost of goods sold 390000 Cost of sales 1794000