Question
Explaining steps would be appreciated! An incomplete cost of goods manufactured schedule is presented here. Complete the cost of goods manufactured schedule for Larkspur Company.
Explaining steps would be appreciated!
An incomplete cost of goods manufactured schedule is presented here. Complete the cost of goods manufactured schedule for Larkspur Company. (Assume that all raw materials used were direct materials.)
| LARKSPUR COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2022 | ||||||
|---|---|---|---|---|---|---|
| Work in process, January 1 | $ 218,400 | |||||
| Direct materials | ||||||
| Raw materials inventory, January 1 | $ enter a dollar amount | |||||
| Raw materials purchases | 164,800 | |||||
| Total raw materials available for use | enter a total of the two previous amounts | |||||
| Less: Raw materials inventory, December 31 | 24,000 | |||||
| Direct materials used | $ 187,200 | |||||
| Direct labor | enter a dollar amount | |||||
| Manufacturing overhead | ||||||
| Indirect labor | 19,200 | |||||
| Factory depreciation | 37,200 | |||||
| Factory utilities | 71,200 | |||||
| Total manufacturing overhead | 127,600 | |||||
| Total manufacturing costs | enter a total amount for the first part | |||||
| Total cost of work in process | enter a total amount for all two parts | |||||
| Less: Work in process, December 31 | 84,000 | |||||
| Cost of goods manufactured | $ 561,600 | |||||
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