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Schedule of Cost of Goods Manufactured and Sold
At December 31, 2019, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2019:
Materials inventory, January 1 $25,000
Materials inventory, December 31 $15,000
Work in process inventory, January 1 $30,000
Work in process inventory, December 31 $41,000
Finished goods inventory, January 1 $51,000
Finished goods inventory, December 31 $36,000
Net delivered cost of materials purchased $150,000
Direct labor $148,000
Indirect material $12,000
Indirect labor $37,000
Factory supplies used $10,000
Factory depreciation $65,000
Factory repairs and maintenance $21,000
Selling expenses (total) $62,000
Non-factory administrative expenses (total) $58,000
Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31, 2019, assuming that there were no other manufacturing overhead items than those listed above.
Do not use negative signs with any of your answers.
Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2019
Direct material:
Beginning materials inventory $25,000
Cost of materials purchased $150,000
Cost of material available $175,000
Less: Ending materials inventory $15,000
Total materials used $160,000
Less: Indirect materials used $12,000
Direct materials used $148,000
Direct labor $148,000
Manufacturing overhead
Indirect material $0
Indirect labor $37,000
Factory supplies used $10,000
Factory depreciation $65,000
Factory repairs and maintenance $21,000
Total manufacturing overhead $133,000
Total manufacturing costs for the year $429,000
Add: Beginning work in process inventory $30,000
Total cost of work in process during the year $11,000
Less: Ending work in process inventory $41,000
Cost of goods manufactured $418,000
Add: Beginning finished goods inventory $51,000
Cost of goods available for sale $469,000
Less: Ending finished goods inventory $36,000
Cost of goods sold $433,000
