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Homework answers / question archive / Required information Use the following information for the Exercises below
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg.
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor R. Factory supplies used (indirect materials) Indirect labor Repairs—Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process •nventory, ending Finished goods inventory, ending
$ 1,475,000 39,000 54,500 61;900 181,700 242,000 18,600 57,000 5,250 59,000 107,000 125,000 43,200 44,200 71,500
Exercise 14-13 Prepare schedule of cost of goods manufactured LO P2
Prepare its schedule of cost of goods manufactured for the current year ended December 31.
DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended December 31, Y 1
Direct materials
| DELRAY MFG. | ||
| Schedule of Cost of Goods Manufactured | ||
| For Year Ended December 31, Year 1 | ||
| Direct Materials | ||
| Raw Materials Inventory, Beginning | $39,000 | |
| Add: Raw Material Purchases | 181,700 | |
| Raw Material available for Use | 220,700 | |
| Less: Raw Materials Inventory, Ending | 43,200 | |
| Direct Material Used | $177,500 | |
| Direct labor | 242,000 | |
| Factory overhead: | ||
| Factory supplies used | 18,600 | |
| Indirect labor | 57,000 | |
| Repairs-Factory equipment | 5,250 | |
| Rent cost of factory building | 59,000 | |
| Total factory overhead costs | 139,850 | |
| Total manufacturing costs | 559,350 | |
| Add: Work in Process Inventory, Beginning | 53,900 | |
| Total Cost in Work in Process | 613,250 | |
| Less: Work in Process Inventory, Ending | 44,200 | |
| Cost of Goods Manufactured | $569,050 |
