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At December 31, 2019, the end of its fiscal year, Kelly Metal Products Corporation collected the following data for 2019. Prepare a schedule of cost
At December 31, 2019, the end of its fiscal year, Kelly Metal Products Corporation collected the following data for 2019. Prepare a schedule of cost of goods manufactured and sold, assuming there were no other manufacturing overhead items than the ones listed above.I got part of it right and part wrong.
Schedule of Cost of Goods Manufactured and sold At December 31, 2019, the end of its fiscal year, Kelly Metal Products Corporation collected the following data for 2019: Materials inventory, January 1 $32,000 Materials inventory, December 31 22,000 Work in process inventory, January 1 34,000 Work in process inventory, December 31 45,000 Finished goods inventory, January 1 21,000 Finished goods inventory, December 31 18,000 Net delivered cost of materials purchased 210,000 Direct labor 190,000 Indirect material 13,000 Indirect labor 25,000 Factory supplies used 12,000 Factory depreciation 78,000 Factory repairs and maintenance 28,000 Selling expenses (total) 63,000 Non-factory administrative expenses (total) 57,000 Dec Prepare a schedule of cost of goods manufactured and sold for Kelly Metal Products Corporation for the year ended December 31, 2019, assuming that there were no other manul listed above. Do not use negative signs with any of your answers. Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2019 Direct material: Beginning materials inventory $ 32,000 Cost of materials purchased 210,000 Cost of material available 242,000 Less: Ending materials inventory 22,000 Total materials used 506,000 x Less: Indirect materials used 13,000 Direct materials used 220,000 x Direct labor 190,000 Manufacturing overhead Indirect material 13,000 Indirect labor 25,000 Factory supplies used 12,000 Factory depreciation 78,000 Factory repairs and maintenance 28,000 Total manufacturing overhead 156,000 Total manufacturing costs for the year 566,000 x Add Beginning work in process inventory 57,000 X Total cost of work in process during the year 612,000 x Less: Ending work in process inventory 21,000 X Cost of goods manufactured 633,000 x Add: Beginning finished goods inventory 18,000 x Cost of goods available for sale 615,000 x Less: Ending finished goods inventory 63,000 X 678,000 x Cost of goods sold SStep by Step Solution
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