Question

Raw Materials Inventory          1/1/17	47,000		Factory Insurance	7,400
Raw Materials Inventory      12/31/17	44,200		Factory Mach. Deprec.	7,700
Finished Goods Inventory       1/1/17	85,000		Factory Utilities	12,900
Finished Goods Inventory   12/31/17	57,800		Office Utilities Expense	8,600
Work in Process Inventory      1/1/17	9,500		Plant Managers Salary	60,000
Work in Process Inventory  12/31/17	8,000		Factory Property Taxes	6,100
Direct Labor	145,100		Factory Repairs	800
Indirect Labor	18,100		Raw Materials Purchase	62,500

MOXIE COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2017
Work in process inventory, January 1
Direct Materials:
Total Raw Materials Available for Use	109,500
Direct Materials Used
Direct Labor
Manufacturing Overhead:
Total Manufacturing Overhead		113,000
Total Manufacturing Costs
Total Cost of Work in Process
Less: Work in Process, Dec 31
Cost of Goods Manufactured			324,900

Answer 1

     Moxie Company

   Cost of goods manufactured schedule

For the Year Ended December 31st , 2017

Particulars	$	$
Beginning raw materials	47,000
Add Raw materials purchase	62,500
Total raw materials available for production	109,500
Less Ending raw materials	44,200
Direct Raw materials used	65,300
Direct labour	145,100
prime cost		210,400
Factory repair	800
Plant manager salary	60,000
Factory insurance	7,400
Indirect labour	18,100
Factory property taxes	6,100
Factory machine depreciation	7,700
Factory utilities	12,900
Total manufacturing overhead		113,000
Total manufacturing cost		323,400
Add beginning work in process		9,500
		332,900
Less closing work in process		8,000
Cost of goods manufactured		324,900

Supporting works

Cost of goods sold schedule

Particulars	$
Beginning finished goods inventory	85,000
Add cost of goods manufactured	324,900
Cost of goods available for sales	409,900
Less Ending finished goods inventory	57,800
Cost of goods sold	352,100

Cost of goods manufactured is $324,900.

Manufacturing overhead includes all indirect cost related to manufacturing. In this situation manufacturing cost includes factory insurance, indirect labour, factory repair, factory properties tax, plant manager salary , factory machine depreciation and factory utilities.

* office utilities expenses of $8,600 is not included in manufacturing overhead, because it is not a manufacturing cost, it is a cost in operating activities.

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