The following information is available for Penny Worth, Inc. for the fiscal year ending December 31,...

  

 

Transcribed Image Text:

The following information is available for Penny Worth, Inc. for the fiscal year ending December 31, 2020: Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $170,000 340,000 490,000 430,000 2,660,000 2,940,000 1,560,000 1,350,000 8,310,000 The following information is available for Penny Worth, Inc. for the fiscal year ending December 31, 2020: Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $170,000 340,000 490,000 430,000 2,660,000 2,940,000 1,560,000 1,350,000 8,310,000

Answer rating: 100% (QA)

To prepare the Schedule of Cost of Goods Manufactured we need to calculate the total manufacturing c... View the full answer