“DEF Manufacturing Company has the following data for 2017 (amounts in millions):Raw Materials Inventory, January 1: $10Raw Materials Inventory, December 31: $12Work-in-Process Inventory, January 1: $16Work-in-Process Inventory, December 31: $20Finished Goods Inventory, January 1: $14Finished Goods Inventory, December 31: $16Raw Materials Purchased, including Freight In: $34Direct Labor: $45Manufacturing Overhead: $23Prepare 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.”
Beginning work in process inventory: $13Direct Materials Used: Purchases of raw materials (incl. freight): $33 Beginning raw materials inventory: $12 Raw materials available for use: $45 Ending raw materials inventory: ($10)Direct materials used: $35Manufacturing overhead: $18Direct labor: $45Total Manufacturing costs incurred during the year: $98Total manufacturing costs to account for: $111Ending work in process inventory: ($21)Cost of Goods manufactured: $90