Question

Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information.

Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $190,500

Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,150

Factory overhead costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000

Work in process, Dec. 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . 157,600

Work in process, Dec. 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . 142,750

Short answer

The cost of goods manufactured equals $292,500.

Step-by-step solution

Explanation of cost of goods manufactured

The cost of goods manufactured is the total accumulated cost incurred to manufacture the product.

Calculation of cost of goods manufactured

Particulars	Amount
Direct materials	$190,500
Direct labor	63,150
Factory overhead costs	24,000
Total manufacturing costs	277,650
Add: Work in process, Dec. 31, 2016	157,600
Total cost of work in process	435,250
Less: Work in process, Dec. 31, 2017	(142,750)
Cost of goods manufactured	$292,500