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

question 46

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:
$$\begin{array}{l}\text { Schedule of Cost of Goods Manufactured }\\\begin{array} { | l | l | l | l | } \hline & & & \\\hline \text { Beginning Work-in-Process Inventory } &~~~~~~~~~~~~~&~~~~~~~~~~~~~&~~~~~~~~~~~~~ \\\hline \text { Direct Materials Used: } & & & \\\hline \text { Beginning Direct Materials } & & & \\\hline \text { Purchases of Direct Materials } & & & \\\hline \text { Direct Materials Available for Use } & & & \\\hline \text { Ending Direct Materials } & & & \\\hline \text { Direct Materials Used } & & & \\\hline \text { Direct Labor } & & & \\\hline \text { Manufacturing Overhead: } & & & \\\hline \text { Indirect Materials } & & & \\\hline \text { Indirect Labor } & & & \\\hline \text { Depreciation-Plant and Equipment } & & & \\\hline \text { Plant Utilities and Insurance } & & & \\\hline \text { Total Manufacturing Overhead } & & & \\\hline \text { Total Manufacturing Costs Incurred } & & & \\\text { During the Year } & & & \\\hline \text { Total Manufacturing Costs to Account } & & & \\\text { For } & & & \\\hline \text { Ending Work-in-Process Inventory } & & & \\\hline \text { Cost of Goods Manufactured } & & & \\\hline\end{array}\end{array}$$

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Definitions:

Collective Bargaining

The process by which employers and unions negotiate the terms of employment, including wages, benefits, and working conditions.

Mandatory Bargaining

A legal requirement for employers to negotiate in good faith with recognized employee unions concerning wages, hours, and other terms and conditions of employment.

Permissive Bargaining

A type of bargaining in which the negotiating parties have the flexibility to agree upon and discuss a wide range of issues, not strictly limited to mandatory bargaining subjects.

Illegal Bargaining

Negotiation practices that violate labor laws, including refusing to negotiate or negotiating in bad faith.