Question - Preparing a schedule of cost of goods manufactured
Knight Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2014.
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Inventories:
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Beginning
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Ending
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Raw Materials
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$56,000
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$23,000
|
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Work-in-Process
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103,000
|
63,000
|
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Finished Goods
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41,000
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48,000
|
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Other information
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Depreciation, plant building and equipment
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$16,000
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Raw materials purchases
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159,000
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Insurance on plant
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22,000
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Sales Salaries
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46,000
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Repairs and maintenance- plant
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8,000
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Indirect labor
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32,000
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Direct labor
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122,000
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Administrative expenses
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59,000
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Requirements -
1. Use the information to prepare a schedule of cost of goods manufactured.
2. What is the unit product cost if Knight manufactured 2,160 lamps for the year?