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Using data provided from the income statement data (inc data) worksheet and the balance sheet (bal) complete the Schedule of Cost of Goods Manufactured (see

Using data provided from the income statement data (inc data) worksheet and the balance sheet (bal) complete the Schedule of Cost of Goods Manufactured (see tab sch cgm). (Please see the image following the rest of the instructions for the proper format.)

Then, calculate the cost of the goods manufactured for the month of February.

Income Statement Data (inc data) worksheet

Payroll expense- factory labor $ 224,420
Payroll expense- indirect labor $ 20,000
Supplies used- factory $ 6,000
Utilities - factory $ 8,000
Insurance expense - factory $ 2,000
maintenance expense and repair- factory $ 5,000
Rent- factory $ 80,000
Depreciation- factory equipment $ 5,000

Balance Sheet (bal)

2/1/2021 2/29/2021
Cash $ 200,000 $ 1,595,310
AR $ 1,000,000 $ 1,487,096
Supplies $ 20,000 $ 20,000
Inventory RM $ 75,860 $ 296,190
Inventory WIP $ 140,000 $ 120,000
Inventory finished goods $ 179,680 $ 106,980
Equipment-office $ 15,000 $ 15,000
Accumulated depreciation $ (3,250) $ (3,500)
Equipment-sales $ 10,000 $ 10,000
Accumulated depreciation $ (2,167) $ (2,333)
Equipment-factory $ 75,000 $ 75,000
Accumulated depreciation $ (16,250) $ (21,250)
$ 1,693,873 $ 3,698,493
AP $ 50,000 $ 46,250
Wage payable $ 250,000 $ 250,000
Stockholder equity $ 1,393,873 $ 3,402,243
Total liability and stockholder equity $ 1,693,873 $ 3,698,493

Schedule of Cost of Goods Manufactured (sch cgm)

Direct Material
Beginning balance
purchase 9,932,477
Raw material available for use
Less ending balance of raw material
Direct Material used
Direct labor
Factory Overhead

The assignment wants the sch cgm table to look like the following:

image text in transcribed

EXHIBIT 14.16 Schedule of Cost of Goods Manufactured ROCKY MOUNTAIN BIKES Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 $ 8.000 86,500 94,500 9.000 $ 85,500 60,000 Direct materials Raw materials inventory, Dec. 31, 2018 Raw materials purchases... Raw materials available for use Less raw materials inventory, Dec 31, 2019 Direct materials used.... Direct labor.... Factory overhead Indirect labor Factory supervision Factory utilities. Repairs --Factory equipment Property taxes-Factory building Factory supplies used (indirect materials) Factory insurance expired Depreciation expense-Factory assets Amortization expense-Patents (on factory equipment) Total factory overhead Total manufacturing costs Add work in process inventory, Dec 31, 2018 Total cost of work in process..... Less work in process inventory, Dec 31, 2019 Cost of goods manufactured 9,000 6,000 2,600 2,500 1,900 600 1,100 5,500 800 30,000 $175,500 2,500 178,000 7.500 $170,500 Gm

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