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Unformatted text preview: 2-21: 1Superior CompanySchedule of Cost of Goods ManufacturedDirect materials:Beginning raw materials invento $40,000.00 Add, Purchases of raw materials $290,000.00 Raw materials available for use $330,000.00 Deduct: Ending raw materials in $10,000.00 Raw materials used in production$320,000.00 Direct materials$320,000.00 Direct labor$93,000.00 Manufacturing Overhead$270,000.00 Total manufacturing cost$683,000.00 Add: Beginning work in process $42,000.00 $725,000.00 Deduct: Ending work in process $35,000.00 Cost of goods manufactured$690,000.00 $50,000.00 Cost of goods manufactured $690,000.00 Less finished goods, ending $80,000.00 Cost of goods sold$660,000.00 The calculation of the cost of goods sold for a manufacturing company is: + Cost of goods manufactured= + Cost of goods manufactured= $50,000.00 + $690,000.00 = $740,000.00 $50,000.00 $690,000.00 $740,000.00 $80,000.00 Finished goods inventory, beginning Finished goods inventory, beginning Finished goods inventory, beginning goods available for saleopening inventory+ additions during the yeargoods available for sale- year-end inventory$660,000.00 cost of goods sold+...
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- Summer '10
- Managerial Accounting