Use job costing method

Question Two PART B Futurama Mechanics Ltd manufactures and sells household cleaning robots. At the beginning of the year, the company had a Raw Materials inventory balance of $335,000, a total of $58,000 in Work-in-Process inventory and a Finished Goods inventory balance of 125,000. During the year, raw materials were purchased at a cost of $545,000 and at the end of the year Raw Materials inventory had a balance of $248,000 and Work-In Process had a balance of $172,500. The production of cleaning robots incurred direct labour costs of $215,000. Actual manufacturing overhead costs amounted to $305,000. By the end of the year, cleaning robots with a cost of $1,027,000 had been completed. Of these, cleaning robots costing $550,000 were sold, at a mark-up of 20% on cost price. The company uses normal costing and the budgeted manufacturing overhead rate for the year was $10 per direct labour hour. The company had budgeted for 30,500 direct labour hours for the year but only 29,450 direct labour hours were worked. Required (a) Prepare a schedule of cost of goods manufactured for the year. (10 marks)