Question

Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the company's production, sales, and cost records for the just completed year.
The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is 50 per unit.
(a) Prepare a schedule of cost of goods manufactured for the year.

Answer 1

The Schedule of cost of goods manufactured for the year of Visic corporation is shown below.

                                    Visic Corporation

                   Schedule of Cost of Goods Manufactured

Particulars                                                             Amount (in $)

Direct materials:

Raw materials inventory, beginning ..................... 20,000

Add: Purchases of raw materials..........................480,000

Raw materials available for use ...........................500,000

Deduct: Raw materials inventory, ending ..............30,000

Raw materials used in production........................ 470,000

Direct labor..............................................................90,000

Manufacturing overhead ........................................300,000

Total manufacturing costs.......................................860,000

Add: Work in process inventory, beginning..............50,000

                                                                               910,000

Deduct: Work in process inventory, ending..............40,000

Cost of goods manufactured ..................................870,000

Hence, the schedule of cost of goods manufactured will be as shown above.

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