South State Company Used $71,000 of Direct Materials and Incurred

Essay

South State Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during 2012. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100; maintenance of $4,500; repairs of $1,800; depreciation of $7,900; and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance.
Required: Prepare a schedule of cost of goods manufactured for South State Company using the format below.
COST OF GOODS MFGD
$$\begin{array} { | l | l | l | l | } \hline \text { Beginning work in process } &\quad\quad\quad &\quad\quad\quad &\quad\quad\quad \\\hline \text { Direct materials used: } & & & \\\hline \text { Direct labor } & & & \\\hline \text { Manufacturing overhead: } & & & \\\hline \text { Indirect labor } & & & \\\hline \text { Indirect materials } & & & \\\hline \text { Utilities } & & & \\\hline \text { Maintenance } & & & \\\hline \text { Repairs } & & & \\\hline \text { Depreciation } & & & \\\hline \text { Property taxes } & & & \\\hline \text { Total manufacturing overhead } & & & \\\hline \text { Total mfg costs incurred } & & & \\\hline \text { Total mfg costs to account for } & & & \\\hline \text { Ending work in process } & & & \\\hline \text { Cost of goods manufactured } & & & \\\hline\end{array}$$