Direct Material used $410,500
Direct Labour $180,000
Manufacturing Overhead $378,000
Question 1 [14 marks]
Artisan Furniture Ltd incurred the following actual costs during the year just ended:
The firm's predetermined overhead rate is 210 per cent of direct labour cost. The inventory balances, on 1 January, were as follows:
Raw Material $47,000
Work in Process $61,500
Finished Goods $65,000
Each of these inventory balances was 10 per cent higher at the end of the year.
Required:
Show all your workings
Prepare a schedule of cost of goods manufactured.