Schedule of Cost of Goods Manufactured. Manufacturing information for 20x3 for the E-Z. Rest Mattress Company is provided below! On January 1, 20x3, raw materials inventory included direct materials with a cost of $20,000. During the year, the firm purchased direct materials costing $50,000. At year-end, the account included direct materials, with a cost of $5.000. During the year, work-in-process inventory was charged with direct labor, variable factory overhead, and fixed factory overhead costs totaling $90,000, $60,000, and $45,000, respectively.

Required: Work-in-process inventory- January 1, 20x3. Work in process inventory- December 31, 2013 Finished goods inventory- January 1, 20x3. Finished goods inventory- December 31, 2013. $40 300 45.000 35.000 50.000

a. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20x3. Assume an actual cost system.

b. Was cost of goods sold equal to, more than, or less than cost of goods manufactured this year? Explain. (Answer this question without determining the actual cost of goods sold.)

c. Determine the amount of cost of goods sold.