Topic 4

Question 3

Where do you find the "Raw Materials inventory (1/1)"

View Policies Current Attempt in Progress An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Novak Company. Assume all raw materials are direct materials. NOVAK COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2022 Work in process (1/1) $210,000 Direct materials Raw materials inventory (1/1) $ Add: Raw materials purchases 158,400 Total raw materials available for use Less: Raw materials inventory 23,000 (12/31) Direct materials used $180,000 Direct labor Manufacturing overhead Indirect labor 18,400 Factory depreciation 35,800 Factory utilities 68,400 Total overhead 122,600 Total manufacturing costs Total cost of work in process 459200 Less: Work in process (12/31) 80 800 Cost of goods manufactured $540,000 eTextbook and Media Assistance Used Save for Later Last saved 18 hours ago. Attempts: 0 of 5 used Submit