Cost of goods manufactured and sold
On Dec 31, 2000, XYZ manufacturing company reported the following balances in its inventory accounts:
Account Balance
Raw Material Inventory $42,000
WIP Inventory $65,000
Finished goods Inventory $73,000
The following events occurred during 2000:
Purchase raw material for cash $750,000
Raw materials used to make products $719,000
Direct labor costs of $ 408,000
Estimated overhead applied to work in process $367,200
Paid cash for actual overhead costs $361,000
Completed products that cost $1,409,000
Sold goods that had cost $1,392,000 for 1,970,000
Paid cash for selling and administrative expenses $412,000
Req:
Prepare XYZ schedule of cost of goods manufactured and sold for 2000
