Given the the following info 1. Fill out this schedule of goods manufactured. Al

Question

Given the the following info

1. Fill out this schedule of goods manufactured. All labels are correct but values are not

2 find cost of goods sold for da year

Required information [The following information applies to the questions displayed below. The following information applies to Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used Direct labor Manufacturing overhead s 275,000 120,000 252,000 The firm's predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material Work in process Finished goods $ 30,000 39,000 42,000 Each of these inventory balances was 10 percent higher at the end of the year.

Explanation / Answer

Schedule of cost of goods manufactured :

Cost of goods sold = 42000+643100-46200 = $638900

Direct material 275000 Direct labour 120000 Manufacturing overhead applied (120000*210%) 252000 Total manufacturing cost 647000 Beginning work in process 39000 Total cost of work in process 686000 Less: Ending work in process (39000*110%) -42900 Cost of goods manufactured 643100

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