In: Accounting
Schedule of Cost of Goods Manufactured and
Sold
At December 31,2016, the end of its fiscal year, Kelly Metal
Products Corporation collected the following data for 2016
Materials inventory, January 1 | $128,000 |
Materials inventory, December 31 | 88,000 |
Work in process inventory, January 1 | 136,000 |
Work in process inventory, December 31 | 180,000 |
Finished goods inventory, January 1 | 84,000 |
Finished goods inventory, December 31 | 72,000 |
Net delivered cost of materials purchased | 840,000 |
Direct labor | 540,000 |
Indirect material | 52,000 |
Indirect labor | 100,000 |
Factory supplies used | 48,000 |
Factory depreciation | 312,000 |
Factory repairs and maintenance | 112,000 |
Selling expenses (total) | 252,000 |
Non-factory administrative expenses (total) | 228,000 |
Prepare a schedule of cost of goods manufactured and sold for Kelly Metal Products Corporation for the year ended December 31,2016, assuming that there were no other manufacturing overhead items than those listed above.
Do not use negative signs with any of your answers.
Direct material: | |||||
Beginning materials inventory:
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