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Schedule of Cost of Goods Manufactured Sydney Company reported the following amounts for October: Beginning raw...

Schedule of Cost of Goods Manufactured Sydney Company reported the following amounts for October:
Beginning raw materials inventory $         80,000
Beginning work-in-process inventory           140,000
Beginning finished goods inventory           500,000
Raw materials purchases           570,000
Wages paid           310,000
Applied manufacturing overhead           900,000
Ending raw materials inventory           100,000
Ending work-in-process inventory           200,000
Ending finished goods inventory           450,000

Prepare a schedule of cost of goods manufactured for October.

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Answer:

Sydney Company
Schedule of Cost of Goods Manufactured For October
Direct Materials:
Beginning raw materials inventory $ 80,000
Add: Purchases of raw materials $ 570,000
Raw Materials available for use $ 650,000
Less: Ending raw materials inventory $ 100,000
Raw Materials Used in Production $ 550,000
Add: Direct labor $ 310,000
Add: Manufacturing overhead $ 900,000
Total Manufacturing Costs $ 1,760,000
Add: Beginning work in process inventory $ 140,000
$ 1,900,000
Less: Ending work in process inventory $ 200,000
Cost og Goods Manufactured $ 1,700,000

ekkarill92 answered 3 years ago
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