Cost of Goods Manufactured Schedule Raw mat inventory Ulan 1

Cost of Goods Manufactured Schedule Raw mat inventory Ulan 1,2015).. 90 units@5700 75 units o $8.00 120 units @ $8.50 Transferred 195 units of raw materials to work in process Work in process-beginning inventory Ulan. 1, 2015) Direct labor 53 units@ $1400 $3,100 $2,950 overhead. Prepare a cost of goods manufactured schedule for Oakeson Mfg Inc for the quarter ended March 31 Cash Discounts Hardware regularly buys merchandise from Dawson Suppliers Olavssen uses the net method On August 15, Olavssen Hardware purchased material from Daw and d was sent to Dawson Suppliers on August 28 Prepare entries to record nt assuming a periodic inventory system. (Note Round to near-

Solution

Schedule of Cost of Goods Manufactured Raw materials     Beginning inventory 630     Purchases (75*$8 + 120*$8.50) 1,620     Cost of raw materials available for use 2,250     Minus: Ending inventory (90*$8.50) 765 Raw materials consumed 1,485 Direct labor 3,100 Manufacturing overhead 2,950 Total manufacturing costs 7,535 Plus: WIP inventory, January 1 (53 * $14) 742 8,277 Minus: WIP, March 31 (47 * $14.25) 670 Cost of goods manufactured 7,607