Answer:
Beck Manufacturing
1. Schedule of Cost of Goods Manufactured for the Year:
Inventory of Work in Process $17,400
Direct materials used 48,500
Direct labor 30,700
Overhead 63,000
Cost of production $159,600
Less Ending Inventory of WIP 14,400
Cost of Manufactured Goods $145,200
2. Cost of goods sold for the year
Beginning inventory of finished goods $16,600
Cost of manufactured goods 145,200
Cost of goods available for sale $161,800
Less Ending inventory of finished goods 18,600
Cost of Goods Sold $143,200
Explanation:
a) Data and Calculations:
Raw Materials Inventory Begin. Inv. 12,900
Purchases 48,000
Avail. for use 60,900
DM used 48,500
End. Inv. 12,400
Work in Process Inventory
Begin. Inv. 17,400
DM used 48,500
Direct labor 30,700
Overhead 63,000
Avail. for mfg. 159,600
Cost of goods mfg 145,200
End. Inv. 14,400
Finished Goods Inventory
Begin. Inv. 16,600
Cost of goods mfg 145,200
Avail. for sale 161,800
Cost of Goods Sold 143,200
End. Inv. 18,600
