CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 1 Not comp

CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 1 Not complete Points out of 450 Flag question Schedule of Cost of Goods Manufactured and Sold At December 31,2016, the end of its fiscal year, Kelly Metal Products Corporation collected the following data for 2016 $16,000 11,000 17,000 Materials inventory. January 1 Materials inventory. December 31 Work in process inventory. January Work in process inventory. December 31 22.500 Finished goods inventory. january 1 Finished goods inventory. December 31 Net delivered cost of materials purchased 105,000 Direct labor Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Selling expenses (total) Non-factory administrative expenses (total) 28,500 10.500 9.000 67.500 6.500 12.500 6,000 39,000 14,000 31.500 roducts Corporation for the year ended December 31,2016 there were no other manufacturing overhead items than those listed above

Solution

Kelly Metal Products Corporation Schedule of Cost of goods manufactured and Sold for the year ended December 31,2016 Direct Material Beginning Material Inventory $16,000 Add : Purchases $105,000 Cost of material available $121,000 Less : Ending Material Inventory $11,000 Total Material Used $110,000 Less : Indirect Material Used $6,500 Direct Material Used $103,500 Direct Labour $67,500 Manufacturing Overhead Indirect Material $6,500 Indirect Labour $12,500 Factory supplies used $6,000 Factory Depreciation $39,000 Factory Repairs and Maintenance $14,000 Total Manufacturing Overhead $78,000 Total Manufacturing cost for the year $249,000 Add : Beginning Work in process $17,000 Total cost of work in process during the year $266,000 Less : Ending Work in process $22,500 Cost of goods manufactured $243,500 Add : Beginning Finished Goods Inventory $10,500 Cost of goods available for sale $254,000 Less : Ending Finished Goods Inventory $9,000 Cost of goods sold $245,000