ACE COMPANY Schedule of Cost of Goods Manufactured For the Year Ending December 31, 20XX Direct materials: Beginning raw materials inventory, Jan. 1 50,000 Plus: Net purchases of raw materials 125,000 Raw materials available S 175,000 Less: Ending raw materials inventory, Dec. 31 40,000 Raw materials transferred to production $ 135,000 Direct labor 200,000 Factory overhead Indirect materials S 15,000 Indirect labor 4,000 Factory utilities 7,000 Factory maintenance 21,000 Factory depreciation 11,000 58,000 Total manufacturing costs 393,000 Beginning work in process inventory, Jan. 1 72,000 465,000 Less: Ending work in process inventory, Dec. 31 85,000