Question

Misco Speaker Company manufactures portable bluetooth speakers.  The following selected financial information for the fiscal year 2016 is provided: (amounts are in thousands) Item Amount Sales $150,000 Cost of Goods Manufactured 75,650 Direct Material Purchased 36,200 Factory Overhead 10,950 Work in Process - January 1 32,600 Work in Process - December 31 17,420 Direct Material - December 31 12,000 Finished Goods Inventory - December 31 59,000 Net Income 20,670 Direct Materials used 34,500 Cost of Goods Sold 58,000 Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2016: (Round dollar values & enter as whole dollars only.) Misco Speaker Company Statement of Costs of Goods Manufactured for the year ended December 31, 2016 Direct Materials Direct Material Purchased

Answer 1

Schedule of cost of goods manufactured and cost of goods sold
Particulars	Amount		Amount
Beginning work In progress inventory			32,600.00
Materials used		34,500.00
Direct labor		15,020.00
Manufacturing overhead applied		10,950.00
Total manufacturing costs for the period		60,470.00	60,470.00
Total manufacturing costs to account for			93,070.00
Less: closing work In progress inventory			17,420.00
Cost of goods manufactured			75,650.00
Add: Opening finshed goods			41,350.00
Cost of goods available for sale			117,000.00
Less: closing finished goods			59,000.00
Cost of goods sold			58,000.00