Problem E1-7 - E1-7 An incomplete cost of goods...

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Unformatted text preview: E1-7 An incomplete cost of goods manufactured schedule is presented below. MADLOCK MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2005 Work in process (1/1) Direct materials Raw materials inventory (1/1) $ 39,500 Add: Raw materials purchases 158,000 Total raw materials available for use 197,500 Less: Raw materials inventory (12/31) 7,500 Direct materials used Direct labor Manufacturing overhead Indirect labor $ 18,000 Factory depreciation 36,000 Factory utilities 68,000 Total overhead Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured $210,000 $190,000 -73,000 122,000 239,000 449,000 81,000 $530,000 Instructions Complete the cost of goods manufactured schedule for Madlock Manufacturing Company. ...
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