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Unformatted text preview: E1-7 An incomplete cost of goods manufactured schedule is presented below.MADLOCK MANUFACTURING COMPANYCost of Goods Manufactured ScheduleFor the Year Ended December 31, 2005Work in process (1/1)$210,000Direct materialsRaw materials inventory (1/1)$ 39,500Add: Raw materials purchases $ 158,000Total raw materials available for use197,500 Less: Raw materials inventory (12/31) 7,500Direct materials used$190,000Direct labor89,000 Manufacturing overheadIndirect labor $$18,000Factory depreciation36,000Factory utilities68,000Total overhead 122,000Total manufacturing costs 401,000Total cost of work in process611,000Less: Work in process (12/31) 81,000Cost of goods manufactured $530,000InstructionsComplete the cost of goods manufactured schedule for Madlock Manufacturing Company.BYP 1-7 Wayne Terrago, controller for Robbin Industries, was reviewing production cost reports for the year. One amount in these reports continued to bother him—advertising. During the year, the company had instituted an expensive advertising campaign to sell some of its...
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This note was uploaded on 04/17/2011 for the course ACCOUNTING 490 taught by Professor Santos during the Spring '11 term at University of Phoenix.
- Spring '11