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Requirement 1. Prepare a schedule for the cost of goods manufactured for 20172017. Begin by preparing the schedule of cost of goods manufactured (in thousands).

Requirement 1. Prepare a schedule for the cost of goods manufactured for

20172017.

Begin by preparing the schedule of cost of goods manufactured (in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured.

Neal Company

Schedule of Cost of Goods Manufactured

For the Year Ended December 31, 2017 (in thousands)

Direct materials:

Beginning inventory, Jan. 1, 2017

Purchases of direct materials

Cost of direct materials available for use

Ending inventory, Dec. 31, 2017

Direct materials used

Direct manufacturing labor

Beginning of

End of

Neal Company

2017

2017

Direct materials inventory

22,000

29,000

Work-in-process inventory

21,000

20,000

Finished-goods inventory

10,000

27,000

Purchases of direct materials

76,000

Direct manufacturing labor

25,000

Indirect manufacturing labor

15,000

Plant insurance

7,000

Depreciationplant, building, and equipment

12,000

Repairs and maintenanceplant

3,000

Marketing, distribution, and customer-service costs

95,000

General and administrative costs

32,000

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