3. Dreams Manufacturing, Inc. provided the following information for the year: P
ID: 2482081 • Letter: 3
Question
3. Dreams Manufacturing, Inc. provided the following information for the year: Purchases—Raw Materials $270,000 Plant Utilities and Insurance 202,500 Indirect Materials 35,250 Indirect Labor 14,250 Ending Balance—Work-in-Process Inventory 42,000 Ending Balance—Raw Materials Inventory 45,000 Direct Labor 352,500 Depreciation on Factory Plant and Equipment 18,000 Beginning Balance—Work-in-Process Inventory 18,000 Beginning Balance—Raw Materials Inventory 63,000
Required: Prepare a statement of the cost of goods manufactured using the following format (25 Points):
Schedule of Cost of Goods Manufactured
Beginning Work-in-Process Inventory
Direct Materials Used:
Beginning Raw Materials Inventory
Purchases of Raw Materials
Raw Materials Available for Use
Ending Raw Materials Inventory
Direct Materials Used
Direct Labor
Manufacturing Overhead:
Indirect Materials
Indirect Labor
Depreciation—Plant and Equip.
Plant Utilities and Insurance
Total Manufacturing Overhead
Total Manufacturing Costs Incurred During the Year
Total Manufacturing Costs to Account For
Ending Work-in-Process Inventory
Cost of Goods Manufactured
Beginning Work-in-Process Inventory
Direct Materials Used:
Beginning Raw Materials Inventory
Purchases of Raw Materials
Raw Materials Available for Use
Ending Raw Materials Inventory
Direct Materials Used
Direct Labor
Manufacturing Overhead:
Indirect Materials
Indirect Labor
Depreciation—Plant and Equip.
Plant Utilities and Insurance
Total Manufacturing Overhead
Total Manufacturing Costs Incurred During the Year
Total Manufacturing Costs to Account For
Ending Work-in-Process Inventory
Cost of Goods Manufactured
Explanation / Answer
Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory 18000 Direct Materials Used: Beginning Raw Materials Inventory 63000 Purchases of Raw Materials 270000 Raw Materials Available for Use 333000 Ending Raw Materials Inventory -45000 Direct Materials Used Direct Labor 352500 Manufacturing Overhead: Indirect Materials 35250 Indirect Labor 14250 Depreciation—Plant and Equip. 18000 Plant Utilities and Insurance 202500 Total Manufacturing Overhead 270000 Total Manufacturing Costs Incurred During the Year 270000 Total Manufacturing Costs to Account For Ending Work-in-Process Inventory -42000 -42000 Cost of Goods Manufactured 228000
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