The following information has been taken from the accounting records of Klear-Seal Corporation for last year:

Management wants these data organized in a better format so that financial statements can be prepared for the year.
Prepare a schedule of cost of goods manufactured as in Exhibit 1-6. Assume raw materials consists entirely of direct materials.

A schedule of cost of goods manufactured as in Exhibit 1-6 assuming raw materials consists entirely of direct materials is shown in the attached second image.

For complete question information refer to first image.

Cost of Goods Manufactured (COGM) is a word used in managerial accounting to refer to a schedule or statement that shows a company's total production costs over a specific time period.

COGM is the overall cost borne to manufacture products and transfer them into finished goods inventory for retail sale, as the name implies.

The COGM is calculated using the following formula:

Add: Direct Materials Used

Add: Direct Labor Used

Add: Manufacturing Overhead

Add: Beginning Work in Process (WIP) Inventory

Deduct: Ending Work in Process (WIP) Inventory

= COGM

Hence, cost of goods manufactured is $1650000.

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