Schedule of cost of finished goods manufactured: Manufacturing costs: direct mat

Question

Schedule of cost of finished goods manufactured:

Manufacturing costs:

direct materials used........................................$274,000

direct labor costs charged to production.......$112,000

manufacturing overhead applied....................$464,000

                                                    Dec. 31        Jan. 1

Inventories:

materials...............................$44,000           $31,000

work in progress..................$30,000           $21,000

finished goods.....................$4,120,000     $165,000

Complete the following Schedule of Cost of Finished Goods Manufactured for the year ended December 31, 2011

please help asap

Explanation / Answer

Hi,

Please find the answer as follows:

Thanks.

Schedule of Cost of Goods Manufactured for the Year Ended December 31 . 2011
Work in Process Inventory, Jan 1 2011 (1)
21000 Manufacturing Costs Assigned to Production:

Direct Material Used 274000
Direct Labor Charged to Production 112000
Manufacturing Overheads Applied 464000
Total Manufacturing Costs (2)
850000 Total Cost of Work in Process during the Year (1+2)
871000 Less Work in Process Inventory Dec 31 2011
-30000 Cost of Goods Manufactured
841000

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