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Transcribed Image Text:
(1) (2) (3) Direct materials used $ (a) $150,480 $33,890 Direct labor used 75,000 (d) 45,720 Factory overhead 122,000 32,840 60,275 Total manufacturing costs 243,500 238,700 (g) Work in process inventory, beginning (b) 56,920 8,245 Total cost of work in process 289,325 (e) (h) Work in process inventory, ending (c) 22,545 11,250 Cost of goods manufactured 265,420 (f) (1)
$365,300
Work-in-process, 1/1$14,000
Direct materials used: $130,000
Direct labor:120,900
Manufacturing overhead :
Depreciation on plant$64,500
Factory supplies used: 32,600
Property taxes on plant: 20,000
=Total manufacturing overhead 117,100
Total manufacturing costs: 368,000= (DM+ DL+ Total Manufacturing Overhead)
Total cost of work-in-process: 382,000= (beginning WIP + total manufacturing overhead)
Less/MINUS:
ending
work-in-process: 16,700
Cost of goods manufactured:
$365,300
[$14,000 + (($130,000 + $120,900 + ($64,500 + $32,600 + $20,000)) - $16,700 = $365,300][Beg. WIP + ((DM used + DL + (Depr. on plant + Fact. sup. used + Prop. tax on plant)) - End. WIP = COGM]
FORMULA:
BEGINNING WIP +
TOTAL MANUFACTURING COSTS (aka direct labour, direct materials used, manufacturing overhead)
LESS
ENDING WIP
= COSTS OF GOODS MANUFACTURED
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