Question

Saved ework 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 $ 1,367,000 44,000 57,600 69,000 163,700 245,000 17,700 47,000 5,250 52,000 97,000 139,000 41,400 43,400 72,000 Prepare its schedule of cost of goods manufactured for the year ended December DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Direct materials Raw materials available for use 0 Direct materials used $ 0

Answer 1

DELRAY MFG.
Cost of goods Manufactured		Amount $
Direct Materials
Raw Material Inventory, Dec.31,2016	44,000
Add: Raw Material Purchases	163,700
Raw Materials available for use	207,700
Less: Raw materials inventory, Dec.31,2017	41,400
Direct materials use		166,300
Direct labor		245,000
Factory Overhead
Factory supplies used (indirect material)	17,700
Indirect labor	47,000
Repairs-Factory equipment	5,250
Rent cost of factory building	52,000
Total factory overhead costs		121,950
Total Manufacturing costs		533,250
Add: Work in process inventory, Dec.31,2016		57,600
Total Cost of work in process		590,850
Less: Work in process inventory,Dec.31,2017		43,400
Cost of goods manufactured		547,450