Question

Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $674,000; Raw Materials Inventory, $53,000; Work in Process Inventory, $31,000; Finished Goods Inventory, $56,000; Common Stock, $585,000; and Retained Earnings, $229,000. Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions.

1. Paid $33,000 of research and development costs.
2. Paid $54,000 for raw materials that will be used to make eBook readers.
3. Placed $95,000 of the raw materials cost into the process of manufacturing eBook readers.
4. Paid $62,000 for salaries of selling and administrative employees.
5. Paid $92,000 for wages of production workers.
6. Paid $81,000 to purchase equipment used in selling and administrative offices.
7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2. It has a $11,000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost – salvage) ÷ useful life]. Specifically, ($81,000 – $11,000) ÷ 7 = $10,000.
8. Paid $132,000 to purchase manufacturing equipment.
9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2. It has a $27,000 salvage value and a seven-year life. The amount of depreciation is computed as [(Cost – salvage) ÷ useful life]. Specifically, ($132,000 – $27,000) ÷ 7 = $15,000.
10. Paid $46,000 for rent and utility costs on the manufacturing facility.
11. Paid $74,000 for inventory holding expenses for completed eBook readers (rental of warehouse space, salaries of warehouse personnel, and other general storage cost).
12. Completed and transferred eBook readers that had total cost of $252,000 from work in process inventory to finished goods.
13. Sold 950 eBook readers for $429,000.
14. It cost Antioch $199,500 to make the eBook readers sold in Event 13.

QUESTION: c-1. Prepare a schedule of cost of goods manufactured and sold for the year.

I have figured out everything but overhead, ending WIP inventory, and ending finished goods inventory.

ANTIOCH COMPANY
Schedule of Cost of Goods Manufactured and Sold
For the Year Ended December 31, Year 2
Beginning raw materials Inventory	$53,000
Purchases	54,000
Raw materials available	107,000
Ending raw materials inventory	(12,000)
Raw materials used	95,000
Labor	92,000
Overhead	not attempted
Total manufacturing costs	187,000
Beginning work in process inventory	31,000
Total work in process inventory	218,000
Ending work in process inventory	not attempted
Cost of goods manufactured	467,000
Beginning finished goods inventory	56,000
Goods available	523,000
Ending finished goods inventory	not attempted
Cost of goods sold	$523,000

Answer 1