The following information is available for Keystone Company.

March 1

March 31

Raw materials inventory

$12,000

$10,000

Work in process inventory

2,500

4,000

Materials purchased in March

$ 90,000

Direct labor in March

75,000

Manufacturing overhead in March

220,000

Prepare the cost of goods manufactured schedule for the month of March.

Start with beginning work in process as the first item in the cost of goods manufactured schedule.

Sum direct materials used, direct labor, and manufacturing overhead to determine total manufacturing costs.

Sum beginning work in process and total manufacturing costs to determine total cost of work in process.

Cost of goods manufactured is the total cost of work in process less ending work in process.