Question

Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,387,000 39,000 59,200 69,900 164,900 246,000 15,400 46,000 5,250 59,000 95,000 138,000 42,500 41,100 74,600 Prepare its schedule of cost of goods manufactured for the year ended December 31, 2017. DELRAY MFG.

Answer 1

Amount a b с d e f $161,400 $246,000 DELRAY MFG Schedule of cost of goods manufactured for the year ended December 31, 2017 Particulars Amount Direct Material Raw material Inventory, Beginning $39,000 Raw material purchases $164.900 Raw material available for use = a+b $203,900 Raw material inventory, Ending $42,500 Direct material used=c-d Direct Labor Factory Overhead: Factory supplies used $15,400 Indirect labor $46,000 Repairs - Factory Equipment $5.250 Rent cost of factory building $59,000 Total factory overhead costs =gth+itj Total manufacturing costs=e+f+k Work in process inventory, Beginning Total cost of work in process = 1+m Work in process inventory, Ending Cost of goods manufactured=n-o h i j k 1 m $125,650 $533,050 $59,200 $592.250 $41,100 $551,150 n o P