Reference no: EM132520344
Information for Ace Manufacturing, Inc., as of December 31, follows:
Raw Materials Inventory, Jan 1 $ 78,000 Depreciation of factory equipment $25,000
Raw Materials Inventory, Dec 31 64,000 Direct labor 68,000
Work in Process Inventory, Jan 1 26,000 Factory supplies 10,000
Work in Process Inventory, Dec 31 36,000 Depreciation of delivery vehicles 16,000
Finished Goods Inventory, Jan 1 100,000 Factory building rent 24,000
Finished Goods Inventory, Dec 31 95,000 Factory utilities 14,000
Raw Materials Purchases 190,000 Interest expense 11,000
Sales Commissions 35,000 Factory insurance 15,000
Required:
Question 1: Prepare a Schedule of Cost of Goods Manufactured for the year ended December 31.
Bonus: After preparing the Schedule of Cost of Goods Manufactured, calculate Cost of Goods Sold.
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