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28 August, 08:53

The following information is available for Ivanhoe Company. April 1 April 30 Raw materials inventory $10,500$14,000 Work in process inventory 4,8403,700 Materials purchased in April $97,700 Direct labor in April 80,300 Manufacturing overhead in April 162,000 Prepare the cost of goods manufactured schedule for the month of April.

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  1. 28 August, 12:04
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    Answer and Explanation:

    The preparation of the cost of goods manufactured schedule for the month of April is presented below

    Beginning work-in-process inventory $4,840

    Manufacturing costs:

    Direct materials:

    Beginning inventory $10,500

    Purchases $97,700

    Materials available $108,200

    Less: Ending inventory - $14,000

    Direct materials used $94,200

    Direct labor $80,300

    Manufacturing overhead $162,000

    Total manufacturing costs: $336,500

    Total costs of work-in-process $341,340

    ($4,840 + $341,340)

    Less: Ending work-in-process - $3,700

    Cost of goods manufactured $337,640

    Basically we simply the cost of goods manufactured formula
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