Problem 2-43 (35 minutes) 1. Laredo Luggage Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x2 Direct material: Raw-material inventory, January 1 $ 20,000 Add: Purchases of raw material 90,000 Raw material available for use $110,000 Deduct: Raw-material inventory, December 31 12,500 Raw material used $97,500 Direct labor 100,000 Manufacturing overhead: Indirect material $ 5,000 Indirect labor 7,500 Utilities: plant…
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