Determine missing amounts in cost of goods manufactured schedule. An incomplete cost of goods manufactured schedule is presented below.
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MADLOCK MANUFACTURING COMPANY |
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Cost of Goods Manufactured Schedule |
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For the Year Ended December 31, 2005 |
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Work in process (1/1) |
210,000 |
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Direct materials: |
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Raw materials inventory (1/1) |
? |
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Add: Raw materials purchases |
158,000 |
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Total raw materials available for use |
? |
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Less: Raw materials inventory (12/31) |
7,500 |
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Direct materials used |
190,000 |
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Direct labor |
? |
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Manufacturing overhead: |
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Indirect labor |
18,000 |
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Factory depreciation |
36,000 |
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Factory utilities |
68,000 |
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Total overhead |
122,000 |
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Total manufacturing costs |
? |
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Total cost of work in process |
? |
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Less: Work in process (12/31) |
81,000 |
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Cost of goods manufactured |
530,000 |
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Instructions:
Complete the cost of goods manufactured schedule for Madlock Manufacturing Company.