Cost of Goods Manufactured Schedule The following quarterly cost data have been accumulated for…

Cost of Goods Manufactured Schedule

The following quarterly cost data have been accumulated for Oakeson Mfg. Inc:

Raw materials—beginning inventory ( Jan. 1, 2008)

90 units @ $7.00

Purchases

75 units @ $8.00

 

120 units @ $8.50

Transferred 195 units of raw materials to work in process:

Work in process—beginning inventory ( Jan. 1, 2008)

53 units @ $14.00

Direct labor

$3,100

Manufacturing overhead

$2,950

Work in process—ending inventory (Mar. 31, 2008)

47 units @ $14.25

Oakeson uses the FIFO method for valuing raw materials inventories.

Prepare a cost of goods manufactured schedule for Oakeson Mfg. Inc. for the quarter ended March 31, 2008.

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