Homework SoursePart A Drake Company manufactures quality gentlemens clothin
Part A
Drake Company manufactures quality gentlemen\'s clothing. The following selected financial information for the fiscal year 2017 is provided:
Item
Amount
Sales
$100,000
Cost of Goods Manufactured
75,000
Direct Material Purchased
30,000
Factory Overhead
10,000
Work in Process - January 1
30,000
Work in Process - December 31
15,000
Direct Material - December 31
10,000
Finished Goods Inventory - December 31
60,000
Net Income
15,000
Direct Materials used
30,000
Cost of Goods Sold
55,000
Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2017: (Round dollar values & enter as whole dollars only.) Please use the blank answer key below to answer question.
Schedule of Costs of Goods Manufactured
Schedule of Costs of Goods Manufactured
| Item | Amount |
| Sales | $100,000 |
| Cost of Goods Manufactured | 75,000 |
| Direct Material Purchased | 30,000 |
| Factory Overhead | 10,000 |
| Work in Process - January 1 | 30,000 |
| Work in Process - December 31 | 15,000 |
| Direct Material - December 31 | 10,000 |
| Finished Goods Inventory - December 31 | 60,000 |
| Net Income | 15,000 |
| Direct Materials used | 30,000 |
| Cost of Goods Sold | 55,000 |
Solution
Answer
particulars amount
direct material used = 30000
overhead = 10000
total manufacturing cost = 40000
add; opening work in process = 30000
less; closing work in process = 15000
manufacturing cost = 55000
