Use the information below the year ended December 31, 20xx, to prepare the state

Question

Use the information below the year ended December 31, 20xx, to prepare the statement of cost of goods manufactured. Investories Beginning Ending Materials investory 41,000 51,000 Work in process inventory 62,000 78,000 Direct materials purchased 258,000 Total direct labor costs 372,000 Total indirect labor costs 67,000 Utilities 41,000 Depreciation 54,000 Small tools 5,000 Factory insurance 3,000 Factory supervision 66,000 Miscellaneous overhead costs 11,000 Use the information below the year ended December 31, 20xx, to prepare the statement of cost of goods manufactured. Investories Beginning Ending Materials investory 41,000 51,000 Work in process inventory 62,000 78,000 Direct materials purchased 258,000 Total direct labor costs 372,000 Total indirect labor costs 67,000 Utilities 41,000 Depreciation 54,000 Small tools 5,000 Factory insurance 3,000 Factory supervision 66,000 Miscellaneous overhead costs 11,000

Explanation / Answer

Prepare statement of cost of goods manufactured :

Beginning work in process 62000 Beginning raw material 41000 Raw material purchase 258000 Less: Ending raw material -51000 Raw material used 248000 Direct labour 372000 Manufacturing overhead Indirect labour 67000 Utilities 41000 Depreciation 54000 Small tool 5000 Factory insurance 3000 Factory supervision 66000 Miscellaneous overhead cost 11000 Total overhead 247000 Total manufacturing cost 867000 Total cost of work in process 929000 Less: Ending work in process -78000 Cost of goods manufactured 851000

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