Schedule of cost of goods manufactured

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

 

Place Your Order Here!

Leave a Comment

Your email address will not be published. Required fields are marked *