In its work in process account, Hill company had a beginning balance of $425,000. In the course of the month, the work process account has a debit of $60,000 in manufacturing overhead, $40,000 for labor and $25,000 for direct materials. Also, a $100,000 credit is shown in the work process account.
1. Prepare a condensed Cost of Goods Manufactured Schedule for the month of March.
2. Explain the advantage/disadvantage for a company in preparing a cost of goods manufactured schedule.