Question

An incomplete cost of goods manufactured schedule is presented below.

Complete the cost of goods manufactured schedule for Sarasota Company.

SARASOTA COMPANY Cost of Goods Manufactured Schedule December 31, 2017For the Month Ended December 31, 2017For the Year Ended December 31, 2017
Work in process (1/1)						$213,100
Direct materials
Raw materials inventory (1/1)		$
Add: Raw materials purchases		165,650
Total raw materials available for use
Less: Raw materials inventory (12/31)		26,990
Direct materials used				$189,070
Direct labor
Manufacturing overhead
Indirect labor		27,550
Factory depreciation		37,060
Factory utilities		71,560
Total overhead				136,170
Total manufacturing costs
Total cost of work in process
Less: Work in process (12/31)						88,960
Cost of goods manufactured						$547,060

Answer 1

SARASOTA COMPANY
Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017
Work in process (1/1)			$ 2,13,100
Direct Material
Raw materials inventory (1/1)	$     50,410
Add: Raw materials purchases	$ 1,65,650
Total Raw materials available for use	$ 2,16,060
Less: Raw materials inventory (12/31)	$     26,990
Direct materials used		$ 1,89,070
Direct Labor		$     97,680
Manufacturing overhead
Indirect labor	$     27,550
Factory depreciation	$     37,060
Factory utilities	$     71,560
Total overhead		$ 1,36,170
Total manufacturing costs (189070+97680+136170)			$ 4,22,920
The total cost of work in process (88960+547060)			$ 6,36,020
Less: Work in process (12/31)			$     88,960
Cost of goods manufactured			$ 5,47,060

Workings

Raw materials inventory (1/1)
Direct material used	$ 1,89,070
Less: Raw materials purchases	$ 1,65,650
Add: Raw materials inventory (12/31)	$     26,990
	$     50,410

Workings: 2
Cost of goods manufactured	$ 5,47,060
Add: Work in process (12/31)	$     88,960
Total cost of work in process	$ 6,36,020
Less: Work in process (1/1)	$ 2,13,100
Total manufacturing costs (636020-213100)	$ 4,22,920
Less:Manufacturing oveheads	$ 1,36,170
Less: Direct material used	$ 1,89,070
Direct Labor (422920-136170-189070)	$     97,680