PROBLEM 2-2. Cost of Goods Manufactured and Cost of Goods Sold [LO 2] Terra Cotta Designs manufactur


PROBLEM 2-2. Cost of Goods Manufactured and Cost of Goods Sold [LO 2] Terra Cotta Designs manufactures custom tiles. The following information relates to the fiscal year ending December 31, 2017: Beginning balance in Raw Material Inventory Purchases of raw material Ending balance in Raw Material Inventory Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Direct labor cost Manufacturing overhead applied Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Sales Selling expenses General and administrative expenses $ 450,000 1,500,000 200,000 650,000 350,000 2,500,000 650,000 750,000 350,000 7,000,000 500,000 850,000 REQUIRED a. Prepare a schedule of cost of goods manufactured. Assume that there are no indirect material costs PROBLEM 2-2. Cost of Goods Manufactured and Cost of Goods Sold [LO 2] Terra Cotta Designs manufactures custom tiles. The following information relates to the fiscal year ending December 31, 2017: Beginning balance in Raw Material Inventory Purchases of raw material Ending balance in Raw Material Inventory Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Direct labor cost Manufacturing overhead applied Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Sales Selling expenses General and administrative expenses $ 450,000 1,500,000 200,000 650,000 350,000 2,500,000 650,000 750,000 350,000 7,000,000 500,000 850,000 REQUIRED a. Prepare a schedule of cost of goods manufactured. Assume that there are no indirect material costs

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