Can not fiqure how to calculate Complete the cost of goods manufactured schedule
ID: 2385898 • Letter: C
Question
Can not fiqure how to calculateComplete the cost of goods manufactured schedule for Madlock Manufacturing Company.
MADLOCK MANUFACTURING COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2005
Work in process (1/1)
$210,000
Direct materials
Raw materials inventory (1/1)
$ ?
Add: Raw materials purchases
158,000
Total raw materials available for use
?
Less: Raw materials inventory (12/31)
7,500
Direct materials used
$190,000
Direct labor
Manufacturing overhead
Indirect labor
$ 18,000
Factory depreciation
36,000
Factory utilities
68,000
Total overhead
122,000
Total manufacturing costs
?
Total cost of work in process
?
Less: Work in process (12/31)
81,000
Cost of goods manufactured
$530,000
Explanation / Answer
MADLOCK MANUFACTURING COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2005
Work in process (1/1) $210,000
Direct materials
Raw materials inventory (1/1) $24,500
Add: Raw materials purchases
$
173,000
Total raw materials available for use 197,500
Less: Raw materials inventory (12/31) 7,500
Direct materials used $190,000
Direct labor 89,000
Manufacturing overhead
Indirect labor $ 18,000
Factory depreciation 36,000
Factory utilities 68,000
Total overhead 122,000
Total manufacturing costs $401,000
Total cost of work in process $611,000
Less: Work in process (12/31) 81,000
Cost of goods manufactured $530,000