Haggan Manufacturing,Inc Required: Prepare a Schedule of the Cost of Goods Manufactured

question 111

Essay

Haggan Manufacturing,Inc.provided the following information for the year:
$\begin{array} { | l | r | } \hline \text { Purchases - Direct Materials } & \$ 270,000 \\\hline \text { Plant Utilities and Insurance } & 202,500 \\\hline \text { Indirect Materials } & 35,250 \\\hline \text { Indirect Labor } & 14,250 \\\hline \text { Ending Balance - Work-in-Process Inventory } & 42,000 \\\hline \text { Ending Balance - Direct Materials } & 45,000 \\\hline \text { Direct Labor } & 352,500 \\\hline \text { Depreciation on Factory Plant and Equipment } & 18,000 \\\hline \text { Beginning Balance - Work-in-Process Inventory } & 18,000 \\\hline \text { Beginning Balance - Direct Materials } & 63,000 \\\hline\end{array}$ Required: Prepare a schedule of the cost of goods manufactured using the following format:
$\begin{array}{r}\text { Schedule of Cast af Gads Minuffrtured }\\\begin{array} { |l | l | l | l |} \hline &\quad\quad\quad\quad & \quad\quad\quad\quad&\quad\quad\quad\quad\quad \\\hline \text { Beginning Work-in-Process Inventory } & & & \\\hline \text { Direct Materials Used: } & & & \\\hline \text { Beginning Direct Materials } & & & \\\hline \text { Purchases of Direct Materials } & & & \\\hline \text { Direct Materials Available for Use } & & & \\\hline \text { Ending Direct Materials } & & & \\\hline \text { Direct Materials Used } & & & \\\hline \text { Direct Labor } & & & \\\hline \text { Manufacturing Overhead: } & & & \\\hline \text { Indirect Materials } & & & \\\hline \text { Indirect Labor } & & & \\\hline \text { Depreciation-Plant and Equipment } & & & \\\hline \text { Plant Utilities and Insurance } & & & \\\hline \text { Total Manufacturing Overhead } & & & \\\hline \text { Total Manufacturing Costs Incurred } & & & \\\text { During the Year } & & & \\\hline \text { Total Manufacturing Costs to Account } & & & \\ \text { For } & & & \\\hline \text { Ending Work-in-Process Inventory } & & & \\\hline \text { Cost of Goods Manufactured } & & & \\\hline\end{array}\end{array}$

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Definitions:

Total Profit

The financial gain made in a transaction or over a period of time, which equals total revenues minus total costs.

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues, representing the additional value created beyond all resource costs.

Accounting Profits

The total revenue of a company minus the explicit costs and depreciation expenses.

Total Costs

Total costs represent the complete sum of all expenses incurred by a business in the production of goods or services, including both fixed and variable costs.