Ending inventory of work in process is $200,000 while the beginning inventory of work-in-process is $400,000....

Ending inventory of work in process is $200,000 while the beginning inventory of work-in-process is $400,000. The company had ending inventory of direct materials of $250,000 and beginning inventory of direct materials of $800,000. Direct materials purchased during the period was $700,000. Discount received on direct materials purchased was $150,000 while the cost of direct materials returned was $50,000. There were records of delivery expenses (freight-out) in the amount of $70,000; and as a result of FOB shipping point on some of the materials purchased, the company incurred transportation-in of $180,000. Factory overhead incurred was $500,000 while direct labor cost was $400,000. The beginning inventory of finished goods was $600,000.

Required: Using the information above, present the cost of goods manufactured schedule and identify the following information in your schedule:

A. The direct materials used

B. The current manufacturing cost

C. The total manufacturing cost

D. The cost of goods manufactured

E. The cost of goods available for sale

Expert Solution

ekkarill92 answered 2 years ago

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