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Schedule of Cost of Goods Manufactured

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Exercise 2-4: Prepare a Schedule of Cost of Goods Manufactured [LO4] Lompac Products manufactures a variety of products in its factory. Data for the most recent month's operations appear below:

Beginning raw materials inventory $60,000
Purchases of raw materials $690,000
Ending raw materials inventory $45,000
Direct labor $135,000
Manufacturing overhead $370,000
Beginning work in process inventory $120,000
Ending work in process inventory $130,000

Required:

Prepare a schedule of cost of goods manufactured for the company for the month.

Lompac Products
Schedule of Cost of Goods Manufactured
Direct materials:
Beginning raw materials inventory $ ____________
Add: Purchases of raw materials ____________

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Raw materials available for use ____________
Deduct: Ending raw materials inventory ____________

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Raw materials used in production $ ____________
Direct labor ____________
Manufacturing overhead ____________

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Total manufacturing costs ____________
Add: Beginning work in process inventory ____________

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____________
Deduct: Ending work in process inventory ____________

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Cost of goods manufactured $ ____________

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The solution explains the preparation of a schedule of cost of goods manufactured for Lompac Products.

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