CEPEDA MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 Work in process (1/1) Direct materials $210,000 Raw materials inventory, (1/1) Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 165,000 17,500 Direct materials used Direct labour Manufacturing overhead $187,000 Indirect labour Factory depreciation Factory utilities Total manufacturing overhead 15,000 36,000 68,000 119,000 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods manufactured 80,000 $550:000