Question

Vargas Corp, a lamp manufacturer, provided the following information for the year ended December 31, 2018: EEB (Click the icon to view year-end information.) Requirements 1. Use the information to prepare a schedule of cost of goods manufactured 2. What is the unit product cost if Vargas manufactured 3,528 lamps for the year? Requirement 1. Use the information to prepare a schedule of cost of goods manufactured Vargas, Corp Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 Data Table Direct Materials Used: Balances Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Depreciation, Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Beginning Ending S 56,000 24,000 66.000 53,000 103,000 42,000 Direct Materials Used plant building and equipment S 20,000 155,000 29,000 40,000 7,000 32,000 129,000 54,000 Manufacturing Overhead Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Print Done Cost of Goods Manufactured Requirement 2. What is the unit product cost if Vargas manufactured 3,528 lamps for the year? Cost per lamp-

Answer 1

Cost of goods manufactured = Beginning work in process + manufacturing cost incurred this year - ending work in process

* Administrative expenses and sales salaries are not included in cost of goods manufactured.