Required information The following information applies to th

Required information [The following information applies to the questions displayed below.] The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material Raw-material inventory, December 31 Raw-material inventory, January 1 Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December 31 Finished-goods inventory, January 1 Indirect material Indirect labor Other manufacturing overhead $1,050,000 30,000 36,000 150,000 80,000 160,000 25,000 30,000 180,000 40,000 40,000 50,000 15,000 10,000 12,000 40,000

Solution

Solution:

SAN FERNANDO FASIONS COMPANY
Schedule of Cost of Goods Manufactured
For the year ended december 31, 20X2
Particulars	Details	Amount
Direct Material (A):
Opening inventory	$30,000.00
Purchases of Raw Material	$160,000.00
Ending Inventory	$25,000.00
Raw Material Consumed		$165,000.00
Direct Labor (B)		$180,000.00
Manufacturing Overhead (C):
Indirect Material	$10,000.00
Indirect Labor	$12,000.00
Utilities : Plant	$40,000.00
Depreciation : Plant & Equipment	$40,000.00
Other Manufacturing Overhead	$40,000.00	$142,000.00
Total Manufacturing Cost (A+B+C)		$487,000.00
Add: Opening WIP		$36,000.00
Sub Total		$523,000.00
Less: Closing WIP		$30,000.00
Cost of Goods Manufactured		$493,000.00