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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 $77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials.
| Work in process, January 1 | $77,000 |
| Materials inventory, January 1 | 31,000 |
| Materials purchases | 35,000 |
| Materials inventory, December 31 | 26,000 |
| Direct labor | 48,000 |
| Overhead | 20,000 |
| Work in process, December 31 | 62,000 |
Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--.
Explanation of Solution
Cost of goods sold:
Cost of goods sold is the total of all the expenses incurred by a company to sell the goods during the given period.
Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--.
| Manufacturing Company M | ||
| Schedule of cost of goods manufactured | ||
| For Year Ended December 31, 20-- | ||
| Particulars | Amount in $ | Amount in $ |
| Work in process, January 1 | 77,000 | |
| Materials inventory, January 1,20-- | 31,000 | |
| Add: Material purchase | 35,000 | |
| Material avail... | ||
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