Question
Annapolis Company manufactures quality boating apparel.The following selected financial information for the fiscal year 2018 is provided: Sales $850,000 Beginning Raw Material Inventory 74,000 Direct
Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided:
Sales
$850,000
Beginning Raw Material Inventory
74,000
Direct Material Purchased
308,000
Factory Overhead
90,000
Finished Goods Inventory - January 1
144,000
Work in Process - January 1
74,000
Work in Process - December 31
98,000
Ending Raw Material Inventory
58,000
Finished Goods Inventory - December 31
168,000
Net Income
65,000
Direct Labor
155,000
Cost of Goods Sold
655,000
Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2018: (Round dollar values & enter as whole dollars only. Properly title your statement.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started