2. Chang Company
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials inventory, beginning ... $ 20,000
Add purchases of raw materials ... 400,000
Raw materials available for use ... 420,000
Deduct raw materials inventory, ending ... 30,000
Raw materials used in production ... 390,000
Less indirect materials ... 15,000 $375,000
Direct labor ... 60,000
Manufacturing overhead cost applied to
work in process ... 485,000
Total manufacturing costs... 920,000
Add: Work in process, beginning ... 40,000
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