FISCHER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, Year 2 Raw materials Beginning inventory Plus: Purchases Raw materials available for use Minus: Ending raw materials inventory Cost of direct raw materials used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in process inventory Cost of goods manufactured 119,000 $ 149,800 $ 123,700 23,800 308,900 47,000 $ 306,500

FISCHER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, Year 2 Raw materials Beginning inventory Plus: Purchases Raw materials available for use Minus: Ending raw materials inventory Cost of direct raw materials used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in process inventory Cost of goods manufactured 119,000 $ 149,800 $ 123,700 23,800 308,900 47,000 $ 306,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percent
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