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 2020 | 21,000 |
| Finished goods inventory, Dec. 31, 2020 | 28,000 |
| Factory administrative expenses | 22,000 |
| Factory labour used | 45,000 |
| Office Administrative expenses | 12,000 |
| Sales expenses | 21,000 |
| Work in process inventory, Jan. 1, 2020 | 7,000 |
| Work in process inventory, Dec. 31, 2020 | 6,000 |
| Manufacturing overhead costs applied | 25% of direct labour |
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