Question

The following information is available for Ivanhoe Company. April 1 April 30 Raw materials inventory $10,500$14,000 Work in process inventory 4,8403,700 Materials purchased in April $97,700 Direct labor in April 80,300 Manufacturing overhead in April 162,000 Prepare the cost of goods manufactured schedule for the month of April.

Answer 1

Answer and Explanation:

The preparation of the cost of goods manufactured schedule for the month of April is presented below

Beginning work-in-process inventory $4,840

Manufacturing costs:

Direct materials:

Beginning inventory $10,500

Purchases $97,700

Materials available $108,200

Less: Ending inventory -$14,000

Direct materials used $94,200

Direct labor $80,300

Manufacturing overhead $162,000

Total manufacturing costs: $336,500

Total costs of work-in-process $341,340

($4,840 + $341,340)

Less: Ending work-in-process -$3,700

Cost of goods manufactured $337,640

Basically we simply the cost of goods manufactured formula