Cyles Manufacturing, Inc. provided the following information for the year: Purch

Question

Cyles Manufacturing, Inc. provided the following information for the year: Purchases—Raw Materials $250,000 Plant Insurance 142,500 Indirect Materials 31,000 Indirect Labor 15,000 Used Office Supplies 12,000 Ending Balance—Work-in-Process Inventory 52,000 Ending Balance—Raw Materials Inventory 40,000 Direct Labor 292,500 Depreciation on Factory Plant and Equipment 23,000 Beginning Balance—Work-in-Process Inventory 19,000 Beginning Balance—Raw Materials Inventory 60,000 Required: Prepare a proper statement of the cost of goods manufactured.

Explanation / Answer

Required: Prepare a proper statement of the cost of goods manufactured.

Beginning work in process 19000 Beginning raw material 60000 Raw material purchase 250000 Less: Ending raw material -40000 Raw material consumed 270000 Less: Indirect material -31000 Direct material used 239000 Direct labour 292500 Manufacturing overhead Plant insurance 142500 Indirect material 31000 Indirect labour 15000 Office supplies 12000 Depreciation on Factory Plant and Equipment 23000 Total manufacturing overhead 223500 Total manufacturing cost 755000 Total cost of work in process 774000 Less; ENding work in process -52000 Cost of goods manufactured 722000

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