Problem 1
Required: Use the following information to complete the below schedule of cost of goods manufactured.
(25 points)
Purchases of raw materials	$ 120,000.00
Raw materials available for use	$ 148,000.00
Cost of direct raw materials used	$ 124,000.00
Manufacturing overhead	$ 24,000.00
Total manufacturing costs	$ 310,000.00
Ending work-in-process inventory	$ (46,000.00)
Cost of goods manufactured	$ 306,000.00
Schedule of Cost of Goods Manufactured
Beginning inventory, raw materials		1
Plus: Purchases of raw materials
Raw materials available for use
Less: Ending raw materials inventory		2
Cost of direct raw materials used
Direct labor		3
Manufacturing overhead
Total manufacturing costs
Plus: Beginning work-in-process inventory		4
Total work in process		5
Less: Ending work-in-process inventory
Cost of goods manufactured
You should be able to plug-in the given information
from above into the areas not shaded.