Question: Kennedy Company reported the following amounts for the year 2020. Required: Prepare the Cost of Goods Manufactured Schedule for Kennedy Company. Direct materials used $30,000

Kennedy Company reported the following amounts for the year 2020.

Required: Prepare the Cost of Goods Manufactured Schedule for Kennedy Company.

Direct materials used$30,000
Finished goods inventory, Jan. 1 202021,000
Finished goods inventory, Dec. 31, 202028,000
Factory administrative expenses22,000
Factory labour used45,000
Office Administrative expenses12,000
Sales expenses21,000
Work in process inventory, Jan. 1, 20207,000
Work in process inventory, Dec. 31, 20206,000
Manufacturing overhead costs applied25% of direct labour

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