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National Manufacturing Company had the following account balances for the quarter ending December 31,2020 unless otherwise provided: Work-in-process inventory (January 1) $ 140,400 Work-in-process inventory
National Manufacturing Company had the following account balances for the quarter ending December 31,2020 unless otherwise provided:
Work-in-process inventory (January 1) $ 140,400
Work-in-process inventory (March 31)171,000
Finished goods inventory (January 1)540,000
Finished goods inventory (March 31)510,000
Direct materials used378,000
Indirect materials used84,000
Direct manufacturing labor480,000
Indirect manufacturing labor186,000
Property taxes on manufacturing plant building28,800
Salespersons' company vehicle costs12,000
Depreciation of manufacturing equipment264,000
Depreciation of office equipment123,600
Miscellaneous plant overhead135,000
Plant utilities92,400
General office expenses305,400
Marketing distribution costs30,000
Required:
a.Prepare a cost of goods manufactured schedule for the quarter.
b.Prepare a cost of goods sold schedule for the quarter.
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