Question

Consider the following account balances (in thousands) for the Peterson Company.

Answer 1

Answer:

Cost Of Goods Manufactured                               $ 133,000

Explanation:

Peterson Company

Schedule for the cost of goods manufactured

For 2017

Direct Materials  (opening Inventory)              21,000

Add Purchases                                                      74,000

Less Ending Inventory                                     (23000)

Materials available for Use                               72,000

Add Direct Labor                                               22,000

Factory Overhead

Indirect Manufacturing Labor     17,000

Plant Insurance                           7,000

Depreciation                               11,000

Repairs                                         3000              38,000

                                                                              132,000

Add Opening WIP                                                  26,000

Less Closing WIP                                                    25,000

Cost Of Goods Manufactured                               $ 133,000