1.
Visic Corporation
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials inventory, beginning ... $ 20,000
Add: Purchases of raw materials... 480,000
Raw materials available for use ... 500,000
Deduct: Raw materials inventory, ending ... 30,000
Raw materials used in production ... $470,000
Direct labor ... 90,000
Manufacturing overhead:
Indirect labor ... 85,000
Building rent (80% × $40,000) ... 32,000
Utilities, factory ... 108,000
Royalty on patent ($1.50 per unit × 29,000 units).. 43,500
Maintenance, factory ... 9,000
Rent on equipment
$7,000 + ($0.30 per unit × 29,000 units) ... 15,700
Other factory overhead costs... 6,800
Total overhead costs ... 300,000
Total manufacturing costs... 860,000
Add: Work in process inventory, beginning ... 50,000
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