Question: Drake Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2017 is provided: Item Amount Sales $100,000 Cost of Goods
Drake Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2017 is provided:
| Item | Amount |
| Sales | $100,000 |
| Cost of Goods Manufactured | 75,000 |
| Direct Material Purchased | 30,000 |
| Factory Overhead | 10,000 |
| Work in Process - January 1 | 30,000 |
| Work in Process - December 31 | 15,000 |
| Direct Material - December 31 | 10,000 |
| Finished Goods Inventory - December 31 | 60,000 |
| Net Income | 15,000 |
| Direct Materials used | 30,000 |
| Cost of Goods Sold | 55,000 |
Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2017: (Round dollar values & enter as whole dollars only.)
Schedule of Costs of Goods Manufactured
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