Dreams Manufacturing, Inc provided the following information for the year

Question

Purchases-Raw Materials $270,000
Plant Utilities and Insurance 202,500
Indirect Materials 35,250
Indirect Labor 14,250
Ending Balance-Work-in-Process Inventory 42,000
Ending Balance-Raw Materials Inventory 45,000
Direct Labor 352,500
Depreciation on Factory Plant and Equipment 18,000
Beginning Balance-Work-in-Process Inventory 18,000
Beginning Balance-Raw Materials Inventory 63,000

Required: Prepare a statement of the cost of goods manufactured using the following format:

Schedule of Cost of Goods Manufactured

Beginning Work-in-Process Inventory
Direct Materials Used:
Beginning Raw Materials Inventory
Purchases of Raw Materials
Raw Materials Available for Use
Ending Raw Materials Inventory
Direct Materials Used
Direct Labor
Manufacturing Overhead:
Indirect Materials
Indirect Labor
Depreciation-Plant and Equip.
Plant Utilities and Insurance
Total Manufacturing Overhead
Total Manufacturing Costs Incurred During the Year
Total Manufacturing Costs to Account For
Ending Work-in-Process Inventory
Cost of Goods Manufactured

What will be an ideal response

Answer 1

Schedule of Cost of Goods Manufactured
Beginning Work-in-Process Inventory $18,000
Direct Materials Used
Beginning Raw Materials Inventory $63,000
Purchases of Raw Materials 270,000
Raw Materials Available for Use 333,000
Ending Raw Materials Inventory (45,000 )
Direct Materials Used $288,000
Direct Labor 352,500
Manufacturing Overhead
Indirect Materials 35,250
Indirect Labor 14,250
Depreciation on Factory Plant and Equipment 18,000
Plant Utilities and Insurance 202,500
Total Manufacturing Overhead 270,000
Total Manufacturing Costs Incurred during the Year 910,500
Total Manufacturing Costs to Account For 928,500
Ending Work-in-Process Inventory (42,000 )
Cost of Goods Manufactured $886,500