Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units will...
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Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units will be produced, with the following total costs: Direct materials Direct labor $67,000 Variable overhead 18,000 Fixed overhead 245,000 Next year, Pietro expects to purchase $125,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Work-in-Process Inventory Inventory Beginning $7,000 $14,900 Ending $6,900 $16,900 1. Prepare a statement of cost of goods manufactured. Pietro Frozen Foods, Inc. Statement of Cost of Goods Manufactured For the Coming Year Direct materials Beginning inventory 7,000 Add: Purchases 125,00 Materials available Less: Ending inventory 132,00 14,900 x 117,100 x 67,000 263,000 Direct materials used in production Direct labor Manufacturing (Factory) overhead Total manufacturing costs added Add: Beginning work in process Less: Ending work in process 447100 x 6,900 x 16,900 Cost of goods manufactured 437,100 x
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