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 |
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