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:

Internal

Pertaining to or situated within the interior of something, often referring to processes or affairs happening within an organization or entity.

Profit Motive

The intent to achieve financial gain, which drives individuals and companies to engage in business activities.

Government Subsidies

Financial support provided by the government to firms, individuals, or other governmental bodies, often aimed at promoting economic and social policies.