Lompac Products manufactures a variety of products in its factory. Data for the most recent month's operations follow: Beginning raw materials inventory $340,000 Purchases of raw materials 870,000 Ending raw materials inventory 210,000 Direct labour 245,000 Manufacturing overhead 560,000 Beginning work-in-process inventory 150,000 Ending work-in-process inventory 170,000 Required: Prepare in good form a schedule of cost of goods manufactured for the company for the month.Notes/Explanations/Computations Cost of goods manufactured (COGM) is a term used in managerial accounting that refers to a schedule or statement that shows the total production costs for a company during specific period of time. Since the requirement pertains to prepared a schedule of cost of goods manfactured in good form, we must put the beginning work in process inventory at the top of the schedule, follow by the computation of direct materials used Direct materials are raw materials that become part of a finished product and can be conviniently and economically traced to specific product. Raw materials inventory are the goods that are to be used in the production process. In order to calculate the direct materials used, first add the beginning raw materials inventory and the purchases of raw materials during the month, then the result will be the raw materials available for use. Then deduct the ending raw materials inventory, the result will be the direct materials used or the direct materials cost. Direct labour cost include all labor costs for specific work performed on products that can be conveniently and economically traced to products. It is the compensation of employees or workers who physically convert raw materials into finished goods. Manufacturing overhead or sometimes referred as factory overhead, includes all manufacturing costs that cannot be classified as direct materials or direct labor. Total manufacturing costs is the aggregate amount of cost incurred by a business on its production Therefore, the sum of direct materials, direct labour and manufacturing overhead is the total manufacturing costs for the month. Work in process or sometimes referred as goods in process inventory, are partially completed products which require further process or work before they can be sold. To compute for the total manufacturing costs to account for is add the beginning work in process inventory and the total manufacturing cost of the month. To compute for the cost of goods manufactured is subtract the ending work in process inventory from the total manufacturing cost to account for