prepare a schedule of cost of goods manufactured. 3) Information for Stanton, In

Question

prepare a schedule of cost of goods manufactured.

3) Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods manufactured for the year ended December 31. 35,000 Administrative salaries Depreciation of factory equipment Depreciation of delivery vehicles Direct labo Factory supplies used , January 1 25,000 6,000 68,000 9,000 57,00 Finished goods inventory Finished goods inventory, December 31 Factory insurance Interest expens Factory utilitie Factory maintenanc Raw materials inventory, January1 Raw materials inventory, December 31 Raw material purchases Rent on factory building Repairs of factory equipment Sales commission Work in Process inventory, January l Work in Process inventory, December 31 15,500 12,000 14,000 7,500 5,000 4,000 125,000 25,000 11,500 37,500 3,500 2,700

Explanation / Answer

Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning 5000 Add: Purchases of raw materials 125000 Total raw materials available 130000 Deduct: Raw materials inventory, ending 4000 Raw materials used in production 126000 Direct labor 68000 Manufacturing overhead: Depreciation of factory equipment 25000 Factory supplies used 9000 Factory insurance 15500 Factory utilities 14000 Factory maintenance 7500 Rent on factory building 25000 Repairs of factory equipment 11500 107500 Total manufacturing costs 301500 Add: Beginning work in process inventory 3500 305000 Deduct: Ending work in process inventory 2700 Cost of goods manufactured 302300

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