AC Company manufactures quality water apparel.  The following selected financial information for the

fiscal year 2018 is provided:

Item

Amount

Sales

$850,000

Beginning Raw Material Inventory

74,000

Direct Material Purchased

308,000

Factory Overhead

90,000

Finished Goods Inventory – January 1

144,000

Work in Process – January 1

74,000

Work in Process – December 31

98,000

Ending Raw Material Inventory

58,000

Finished Goods Inventory – December 31

168,000

Net Income

65,000

Direct Labor

155,000

Cost of Goods Sold

655,000

Prepare a detailed Schedule of Costs of Goods Manufactured for FY 2018:

 

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