Question
Dreams Manufacturing, Inc. provided the following information for the year ended December 31, 2020: Materials Purchases $55,000 Factory Utilities and Insurance 15,750 Indirect Materials 12,500
Dreams Manufacturing, Inc. provided the following information for the year ended December 31, 2020:
Materials Purchases | $55,000 |
Factory Utilities and Insurance | 15,750 |
Indirect Materials | 12,500 |
Indirect Labor | 14,250 |
Materials Inventory January 1, 2020 | 28,000 |
Materials Inventory December 31, 2020 | 24,250 |
Direct Labor | 67,000 |
Depreciation on Factory Plant and Equipment | 9850 |
Work-In-Process Inventory January 1, 2020 | 39,500 |
Work-In-Process Inventory December 31, 2020 | 42,000 |
Required: Prepare a Statement of Cost of Goods Manufactured using the following format:
Statement of Cost of Goods Manufactured
Work in Process Inventory January 1, 2020 | |||
Direct Materials Used: | |||
| |||
+ | |||
Materials Available for Use | |||
- | |||
Direct Materials Used in Production | |||
Direct Labor | |||
Factory Overhead: | |||
| |||
| |||
| |||
| |||
Total Factory Overhead | |||
Total Manufacturing Costs Incurred During the Year | |||
Total Manufacturing Costs to Account For | |||
Work in Process Inventory December 31, 2020 | |||
Cost of Goods Manufactured |
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