“QRS Manufacturing Company has the following data for 2017 (amounts in millions):Raw Materials Inventory, January 1: $4Raw Materials Inventory, December 31: $12Work-in-Process Inventory, January 1: $9Work-in-Process Inventory, December 31: $19Finished Goods Inventory, January 1: $14Finished Goods Inventory, December 31: $11Raw Materials Purchased, including Freight In: $32Direct Labor: $46Manufacturing Overhead: $21Prepare the schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year ended December 31, 2017.Begin by preparing the schedule of cost of goods manufactured.”
Pg 842Beginning Work-in-Process Inventory: $9Direct Materials Used: Beginning Raw Materials Inventory: $4 Purchases of Raw Materials (incl. Freight In): $32 Raw Materials Available for Use: $36 Ending Raw Materials Inventory: $(12)Direct Materials Used: $24Direct Labor: $46Manufacturing Overhead: $21Total Manufacturing Costs Incurred during the Year: $91Total Manufacturing Costs to Account For: $100Ending Work-in-Process Inventory: $(19)Cost of Goods Manufactured: $81