Schedule of cost of goods manufactured
For the year ended December 31,20×2
| Particulars | Amount $ | Amounts $ |
| Direct material | ||
| Raw material inventory, January 1 | 89,000 | |
| Add: Purchase of raw material | 731,000 | |
| Raw material available | 820,000 | |
| Less: raw material inventory, December 31 | 59,000 | |
| Raw material used | 761,000 | |
| Direct labor | 474,000 | |
| Manufacturing overhead: | ||
| Indirect material | 45,000 | |
| Indirect labor | 150,000 | |
| Depreciation of factory building | 125,000 | |
| Depreciation on factory equipment | 60,000 | |
| Insurance of factory equipment | 40,000 | |
| Utilities for factory | 78,000 | |
| Property taxes on factory | 90,000 | |
| Total manufacturing overhead | 588,000 | |
| Less: under applied manufacturing overhead
($588,000-$580,000) |
8,000 | |
| Total manufacturing costs | 1,815,000 | |
| Add: work in progress inventory, January 1 | 0 | |
| Less: work in progress inventory, December | 40,000 | |
| Cost of goods manufactured | 1,775,000 |