An incomplete cost of goods manufactured schedule is presented below. Complete t

Question

An incomplete cost of goods manufactured schedule is presented below.

Complete the cost of goods manufactured schedule for Molina Company.

MOLINA COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014

MOLINA COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014

Work in process (1/1) $212,050 Direct materials    Raw materials inventory (1/1) $    Add: Raw materials purchases 159,810    Total raw materials available for use    Less: Raw materials inventory (12/31) 30,040 Direct materials used $199,110 Direct labor Manufacturing overhead    Indirect labor 26,680    Factory depreciation 44,600    Factory utilities 69,940    Total overhead 141,220 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) 87,730 Cost of goods manufactured $539,200

Explanation / Answer

MOLINA COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2014 Work in process (1/1)                            212,050.00 Direct materials     Raw materials inventory (1/1)                        69,340.00     Add: Raw materials purchases                      159,810.00     Total raw materials available for use                      229,150.00     Less: Raw materials inventory (12/31)                        30,040.00 Direct materials used                        199,110.00 Direct labor                          74,550.00 Manufacturing overhead     Indirect labor                        26,680.00     Factory depreciation                        44,600.00     Factory utilities                        69,940.00     Total overhead                        141,220.00 Total manufacturing costs                        414,880.00 Total cost of work in process                            626,930.00 Less: Work in process (12/31)                              87,730.00 Cost of goods manufactured                            539,200.00     Total raw materials available for use = 199,110 + 30,040                      229,150.00 Opening Raw Materials= 229,150- 159,810                        69,340.00 Total cost of work in process = 87,730 + 539,200                      626,930.00 Total manufacturing costs = 626,930 - 212,050                      414,880.00 Direct Labour = 414,880 - 141,220 - 199,110                        74,550.00

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