SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Morales Mining and Manufacturing Company.
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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Morales Mining and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials.
Work in process, January 1 ....$70,000
Materials inventory, January 1 ....28,000
Materials purchases .........32,000
Materials inventory, December 31 .24,000
Direct labor ..........44,000
Overhead .............18,000
Work in process, December 31 ...56,000
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