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Crunchem Cereal Company incurred the following actual costs during 20x1.
| |
| Direct material used | $ | 295,000 | |
| Direct labor | | 130,000 | |
| Manufacturing overhead | | 273,000 | |
| |
The firms predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows:
| |
| Raw material | $ | 29,000 | |
| Work in process | | 39,000 | |
| Finished goods | | 41,000 | |
| |
Each of these inventory balances was 10 percent higher at the end of the year.
1. Prepare a schedule of cost of goods manufactured for 20x1.
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CRUNCHEM CEREAL COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20x1
Direct material:
Raw-material inventory, January 1$29,000
Add: Purchases of raw material *******
Raw material available for use$29,000
Less: Raw-material inventory, December 31 *******
Raw material used *************
Direct labor130,000
Manufacturing overhead273,000
Total manufacturing costs$432,000
Add: Work-in-process inventory, January 139,000
Subtotal$471,000
Less: Work-in-process inventory, December 3142,900
Cost of goods manufactured$428,100
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