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An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured...

An incomplete cost of goods manufactured schedule is presented below.

Complete the cost of goods manufactured schedule for Monty Company.

MONTY COMPANY
Cost of Goods Manufactured Schedule
                                                          For the Month Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017
Work in process (1/1) $213,900
Direct materials
   Raw materials inventory (1/1) $
   Add: Raw materials purchases 164,300
   Total raw materials available for use
   Less: Raw materials inventory (12/31) 29,530
Direct materials used $185,570
Direct labor
Manufacturing overhead
   Indirect labor 25,530
   Factory depreciation 44,900
   Factory utilities 74,980
   Total overhead 145,410
Total manufacturing costs
Total cost of work in process
Less: Work in process (12/31) 86,890
Cost of goods manufactured $543,210

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Expert Solution

MONTY COMPANY
Cost of Goods Manufactured Schedule
For the Month Ended December 31, 2017
Work in process (1/1) $213,900
   Raw materials inventory (1/1) ($215,100 - $164,300) $50,800
   Add: Raw materials purchases $164,300
   Total raw materials available for use ($185,570 + $29,530) $215,100
   Less: Raw materials inventory (12/31) $29,530
Direct materials used $185,570
Direct labor ($416,200 - $185,570 - $145,410) $85,220
Manufacturing overhead:
   Indirect labor $25,530
   Factory depreciation $44,900
   Factory utilities $74,980
   Total overhead $145,410
Total Manufacturing costs ($630,100 - $213,900) $416,200
Total Cost of work in process ($86,890 + $543,210) $630,100
Less: Work in process (12/31) $86,890
Cost of goods manufactured $543,210

ekkarill92 answered 3 years ago
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