Prepare a schedule of the cost of finished goods

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Reference no: EM13611315

The accounting records of company iclude the followinginformation relating to the current year:
Dec1 Jan1
Materialsinventory...............................................................$20,000 $25,000
Work in processinventory................................................... 37,500 40,000
Finished goods inventory,Jan1(10,000 units@ $21 perunit).. ? 210,000
Purchases of direct materials duringyear............................... 330,000
Direct labor costs assigned toproduction............................. 375,000
Manufacturingoverhead...................................................... 637,500
The company manufactures a single product; during the currentyear, 45,000 units were manufactured and 40,000 units weresold.
Prepare a schedule of the cost of finished goods manufacturedfor the current year. (Show a supporting computation of thecost of direct materials used during the year).

Reference no: EM13611315

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