3 1 An Introduction to Cost Terms and Purposes 2 Cost of goods manufactured 3 4 Consider the following account balances (in thousands) for the Canseco Corporation: 5 Beginning End of 6 Canseco Corporation of 2022 2022 7 Direct materials inventory $24,000 $29,000 8 Work-in-process inventory 19,000 20,000 9 Finished-goods inventory 18,000 21,000 10 Purchases of direct materials 80,000 11 Direct manufacturing labour 22,000 12 Indirect manufacturing labour 17,000 13 Plant insurance 10,000 14 Depreciation-plant building and equipment 12,000 15 Repairs and maintenance-plant 6,000 16 Marketing, distribution, and customer-service costs 97,000 17 General and administrative costs 24,000 18 19 Use the blue shaded areas on the ENTERANSWERS tab for inputs. 20 Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from 4 1 1. Prepare a schedule of cost of goods manufactured for 2022. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from 2 the Instruction tab you will be marked wrong.) 3 Canseco Corporation 5 Schedule of Cost of Goods Manufactured 6 For the Year Ended December 31, 2022 7 (in thousands) 8 Direct materials costs: 9 10 11 12 13 Direct materials used 14 15 Indirect Manufacturing costs: 16 17 18 19 20 Total manufacturing overhead costs 21 Manufacturing costs incurred during 2022 22 23 Total manufacturing costs to account for 24 25 Cost of goods manufactured (to Statement of Comprehensive Income) 26 Step Instructions 1 1. Prepare a schedule of cost of goods manufactured for 2022. a. Check your spelling carefully and do not abbreviate. b.Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted c.Follow the format in the exhibit that shows the schedule of cost of goods manufactured of a manufacturing-sector company. d.Enter any dates using the following format: MM/DD/YY. For example, 171/22. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.)