Prepare a schedule of Cost of Goods Manufactured for the company for the month.
ID: 2461318 • Letter: P
Question
Prepare a schedule of Cost of Goods Manufactured for the company for the month.
Acromould Fabrication manufactures a variety of products in its factory. Data for the most recent month’s operations appear below.
Beginning raw materials inventory………………….. $66,000
Purchases of raw materials……………………………. $528,000
Ending raw materials inventory…………………….... $78,000
Direct labour………………………………………………….. $258,000
Manufacturing overhead……………………………….. $456,000
Beginning work in process inventory……….……… $228,000
Ending work in process inventory…………………... $264,000
Explanation / Answer
Raw Material Beginning Inventory 66000 Raw Material Purchase 528000 594000 Ending Raw Material Inventory 78000 Raw Material Issued for Production 516000 Beginning wip 228000 Raw Material Consumed 516000 Direct Labour 258000 Manufacturing Overhead 456000 1458000 Ending WIP 264000 Cost of Goods Manufactured 1194000