Required: Prepare a schedule of the cost of goods manufactured for Opal Company using the format below. COST OF GOODS MFGD Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead: Indirect Labor Indirect Materials Utility Expenses Maintenance Repairs Depreciation Property Taxes Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured
Opal Company used $213,000 of direct materials and incurred $111,000 of direct labor costs during 2018. Indirect labor amounted to $8,100 while indirect materials used totaled $4,800. Other operating costs pertaining to the factory included utilities of $9,300; maintenance of $13,500; repairs of $5,400; depreciation of $23,700; and property taxes of $7,800. There was no beginning or ending finished goods inventory. The Work-in-Process Inventory account reflected a balance of $16,500 at the beginning of the period and $22,500 at the end of the period.
Required: Prepare a schedule of the cost of goods manufactured for Opal Company using the format below.
COST OF GOODS MFGD
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Beginning Work-in-Process Inventory |
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Direct Materials Used |
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Direct Labor |
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Manufacturing |
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Indirect Labor |
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Indirect Materials |
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Utility Expenses |
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Maintenance |
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Repairs |
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Depreciation |
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Property Taxes |
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Total Manufacturing Overhead |
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Total |
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Total Manufacturing Costs to Account For |
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Ending Work-in-Process Inventory |
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Cost of Goods Manufactured |
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