1. Prepare a schedule of Cost of Goods Manufactured Eccles Company Schedule of Cost of Goods Manufactured For the Year Ended Direct Materials: Raw Materials Inventory, Beginning$10,000 Add: Purchases of Raw Materials137,000 Raw Materials Avaiable for Use147,000 Deduct: Raw Materials Inventory, Ending8,000 Raw Materials Used in Production$139,000 Direct Labour80,000
Manufacturing Overhead: Indirect Labour56,300 Utilities, Factory9,000 Supplies, Factory700 Depreciation, Office Equipment8,000 Depreciation, Factory Equipment40,000 Maintenance, Factory Equipment24,000 Rent, Factory Building80,000 Total Overhead Costs218,000 Total Manufacturing Costs437,000 Add: Work in Process Inventory, Beginning20,000 457,000 Deduct: Work in Process Inventory, Ending5,000 Cost of Goods Manufactured$452,000 2. Prepare the cost of goods sold section of Eccles Company's income statement for the year. Eccles Company Cost of Goods Sold Finished Goods Inventory, Beginning$25,000 Add: Cost of Goods Manufactured452,000 Goods Available for Sale477,000 Deduct: Finished Goods Inventory, Ending70,000 Cost of Goods Sold$407,000
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