1.
Swift Company
Schedule of Cost of Goods Manufactured
For the Month Ended August 31
Direct materials:
Raw materials inventory, August 1... $ 8,000
Add: Purchases of raw materials... 165,000
Raw materials available for use ... 173,000
Deduct: Raw materials inventory, August 31... 13,000
Raw materials used in production ... $160,000
Direct labor ... 70,000
Manufacturing overhead:
Indirect labor cost ... 12,000
Utilities (60% × $15,000) ... 9,000
Depreciation, factory equipment ... 21,000
Insurance (75% × $4,000) ... 3,000
Rent on facilities (80% × $50,000) ... 40,000
Total overhead costs ... 85,000
Total manufacturing costs ... 315,000
Add: Work in process inventory, August 1... 16,000
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