Question

ABC Company gathered the following sata to calculate the Beg. Raw Materials, Ending WIP Inventory and to prepare a schedule of cost of goods manufactured (COGM) for the period ended March 31, 2019

Ending raw materials inventory   = $5,200
purchased raw materials = $55,000
direct labor = 110,600

overheads:
indirect labor = 30,500
indirect materials =5,000
depreciation, factory equipment =6,000
depreciation, factory bldg. = 15,000
property taxes, factory = 3,000
property taxes, main office = 3,000
total raw materials = 66,785
beg. worn in process inventory =12,500
cost of goods manufactured = 245,885

answer:

Beg. Raw Materials Inventory

add: purchased raw materials
less: ending raw materials
inventory

total raw materials used

direct labor

manufacturing overheads:

indirect materials

indirect labor
depreciation, factory equipment
depreciation, factory building
property tax, factory
total manufacturing overhead
total manufacturing costs
add: beg. WIP inventory
less: ending WIP inventory
Cost of goods manufactured

Answer 1

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ABC Company
Cost of goods manufactured	Amount $
Beg. Raw Materials Inventory	16,985.00
Add: Purchased raw materials	55,000.00
Less: ending raw materials Inventory	5,200.00
Total raw materials used	66,785.00
Direct Labor	110,600.00
Manufacturing Overhead
Indirect materials	5,000.00
Indirect Labor	30,500.00
Depreciation, factory equipment	6,000.00
Depreciation, factory building	15,000.00
Property tax, factory	3,000.00
Total Manufacturing Overhead	59,500.00
Total Manufacturing costs	236,885.00
Beginning Work in process inventory	12,500.00
Total cost of work in process	249,385.00
Less: Ending Work in process inventory	3,500.00
Cost of goods manufactured	245,885.00