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An incomplete cost of goods manufactured schedule is presented below for Cepeda Manufacturing Company for the...

An incomplete cost of goods manufactured schedule is presented below for Cepeda Manufacturing Company for the year ended December 2020:

Complete the cost of goods manufactured schedule for Cepeda Manufacturing Company.

CEPEDA MANUFACTURING COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2020
Work in process (1/1) $210,000
Direct materials
       Raw materials inventory, (1/1) $
       Raw materials purchases 167,000
       Total raw materials available for use
       Less: Raw materials inventory (12/31) 18,000
Direct materials used $189,000
Direct labour
Manufacturing overhead
       Indirect labour 15,000
       Factory depreciation 36,800
       Factory utilities 68,000
       Total manufacturing overhead 119,800
Total manufacturing costs
Total cost of work in process
Less: Work in process (12/31) 80,400
Cost of goods manufactured $550,100

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CEPEDA MANUFACTURING COMPANY
Cost of Goods Manufactured Schedule
For the Year Ended December 31, 2020
Work in process (1/1)      2,10,000
Direct materials
       Raw materials inventory, (1/1)         40,000
       Raw materials purchases      1,67,000
       Total raw materials available for use      2,07,000
       Less: Raw materials inventory (12/31)         18,000    
Direct materials used 1,89,000
Direct labour 1,11,700
Manufacturing overhead
       Indirect labour         15,000
       Factory depreciation         36,800
       Factory utilities         68,000
       Total manufacturing overhead 1,19,800
Total manufacturing costs      4,20,500
Total cost of work in process      6,30,500
Less: Work in process (12/31)        -80,400
Cost of goods manufactured      5,50,100
Raw materials inventory= Direct material used+ Raw materials inventory - Raw materials purchases
Raw materials inventory= 189000+18000-167000
Raw materials inventory= 40000
Direct labour = Total manufacturing costs - Total overhead - Direct materials used
Direct labour = 420500-119800-189000
Direct labour = 111700
Total manufacturing costs = Total cost of work in process - Work in process
Total manufacturing costs = 630500-210000
Total manufacturing costs =420500
Total cost of work in process = Cost of goods manufactured + Work in process
Total cost of work in process = 550100+80400
Total cost of work in process = 630500

ekkarill92 answered 1 year ago
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