Question
Jacky Limited, a manufacturer of DVDs, provided the following information for the year ended 31 December 2020: Balances: Beginning Ending Direct materials $130,000 $50,000 Work-in-process
Jacky Limited, a manufacturer of DVDs, provided the following information for the year ended 31 December 2020:
Balances: | Beginning | Ending |
Direct materials | $130,000 | $50,000 |
Work-in-process inventory | $220,000 | $130,000 |
Finished goods inventory
| $90,000
| $108,000
|
Other information: |
|
|
Depreciation on plant and equipment |
| $36,000 |
Direct materials purchases |
| $320,000 |
Insurance on plant |
| $54,000 |
Repair and maintenance plant |
| $24,000 |
Indirect labor |
| $74,000 |
Direct labor |
| $254,000 |
Required:
Prepare a schedule of cost of goods manufactured for Jacky Limited for the year ended 31 December 2020 using the above information.
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