1. Superior Company
Schedule of Cost of Goods Manufactured
For the Year Ended December 31
Direct materials:
Raw materials inventory, beginning ... $ 40,000
Add: Purchases of raw materials... 290,000
Raw materials available for use ... 330,000
Deduct: Raw materials inventory, ending ... 10,000
Raw materials used in production ... $320,000
Direct labor ... 93,000 *
Manufacturing overhead:
Insurance, factory ... 8,000
Utilities, factory ... 45,000
Indirect labor ... 60,000
Cleaning supplies, factory... 7,000
Rent, factory building ... 120,000
Maintenance, factory ... 30,000
Total overhead costs ... 270,000
Total manufacturing costs (given) ... 683,000
Add: Work in process inventory, beginning ... 42,000 *
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