MOLINA COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 3

Question

MOLINA COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2014 Work in process (1/1) Direct materials Raw materials inventory (1/1) 166,790 Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 25,510 Direct materials used Direct labor Manufacturing overhead 23,060 Indirect labor Factory depreciation 39,520 Factory utilities 74,500 Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured $198,180 137,080 $217,710 81,350 $534,390

Explanation / Answer

_______________

Notes:

Total Raw Material Available for Use = 198,180 (Direct Material Used) + 25,510 (Raw Material Inventory (12/31)) = $223,690

Raw Material Inventory (1/1) = 223,690 (Total Raw Material Available for Use) - 166,790 (Raw Material Purchases) =$56,900

Total Cost of Work-in-Process = 534,390 (Cost of Goods Manufactured) + 81,350 (Work-in-Process (12/31)) = $615,740

Total Manufacturing Costs = 615,740 (Total Cost of Work-in-Process) - 217,710 (Opening Work-in-Process) = $398,030

Direct Labor = 398,030 (Total Manufacturing Costs) - 198,180 (Direct Material Used) - 137,080 (Overhead) = $62,770

Molina Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2014 Work in Process (1/1) 217,710 Direct Materials Raw Materials Inventory (1/1) 56,900 Add Raw Material Purchases 166,790 Total Raw Material Available for Use 223,690 Less Raw Material Inventory (12/31) 25,510 Direct Materials Used 198,180 Direct Labor 62,770 Manufacturing Overhead Indirect Labor 23,060 Factory Depreciation 39,520 Factory Utilities 74,500 Total Overhead 137,080 Total Manufacturing Costs 398,030 Total Cost of Work in Process 615,740 Less Work in Process (12/31) 81,350 Cost of Goods Manufactured $534,390

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.