Question

An incomplete cost of goods manufactured schedule is presented below.

Answer 1

Completing the Cost of Goods Manufactured Schedule for Riverbed Company is as follows:

Cost of Goods Manufactured Schedule

Work in process (1/1)                             $222,600

Direct materials:

Raw materials inventory (1/1)                 $ 47,300

Add: Raw materials purchases              168,000

Total raw materials available for use $215,300

Less: Raw materials inventory (12/31)     24,500

Direct materials used                          $190,800

Direct labor                                          $114,500

Manufacturing overhead:

Indirect labor                 19,600

Factory depreciation   37,900

Factory utilities             72,600

Total overhead                                       130,100

Total manufacturing cost                  $658,000

Total cost of work in process           $658,000

Less: Work in process (12/31)                85,600

Cost of goods manufactured            $572,400

What is the Schedule of Cost of Goods Manufactured?

The Schedule of Cost of Goods Manufactured shows the costs of:

• Beginning Work in Process
• Raw materials used
• Direct labor
• Overhead
• Less Ending Work in Process.

Thus, the Schedule of Cost of Goods Manufactured for Riverbed Company shows that the cost of goods manufactured for the period is $572,400.

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