Question
Exercise 14-9 Willey plus
An incomplete cost of goods manufactured schedule is presented below.
Complete the cost of goods manufactured schedule for Molina Company.
MOLINA COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014
MOLINA COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014
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) 22,500 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
Answer:
MOLINA COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2014
Remarks Amount $ Amount $ Amount $ 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 (Opening inventory + Purchases) 158,000 Less: Raw materials inventory (12/31) 22,500 Direct materials used 135,500 Direct labor Manufacturing overhead Indirect labor 18,000 Factory depreciation 36,000 Factory utilities 68,000 Total overhead 122,000 Total manufacturing costs (Material used+Direct Labor+Total Overhead) 257,500 Total cost of work in process (Opening work in process + Total manufacturing costs) 467,500 Less: Work in process (12/31) 81,000 Cost of goods manufactured 386,500