1- Custom Hot Rods, Inc. has provided you the January 2021 account balances listed below:

Account Balances

Finished Goods Inventory, January 31$41,365

Factory Supervisory Salaries14,855

Income Tax Expense6,440

Raw Materials Inventory, January 111,635

Work In Process Inventory, January 3121,475

Sales Salaries Expense11,224

Factory Depreciation Expense3,600

Finished Goods Inventory, January 135,875

Raw Materials Purchases124,850

Work In Process Inventory, January 117,880

Factory Utilities Expense5,248

Direct Labor86,335

Raw Materials Inventory, January 3123,540

Sales Returns and Allowances5,150

Indirect Labor29,710

Instructions

Prepare Schedule of Cost of Goods Manufactured for Custom Hot Rods, Inc. for the month ended January 31, 2021.

2- The Assembly Department of Fly High Drone Company has the following production and cost data at the end of March, 2021.

Production:21,800 units started into production; 19,500 units transferred out and 2,300 units 100% completed as to materials and 70% completed as to conversion costs.

Manufacturing Costs:Materials added at beginning of process, $58,300; Labor, $51,200; Overhead $25,920.

Instructions

Prepare a production cost report for the Fly High Drone Company for the month of March 2021.