Problem 1 Required: Use the following information to complete the below schedule of cost of goods manufactured. (25 points) Purchases of raw materials $120,000.00Raw materials available for use $148,000.00Cost of direct raw materials used $124,000.00Manufacturing overhead $24,000.00Total manufacturing costs $310,000.00 Ending work-in-process inventory $(46,000.00)Cost of goods manufactured $306,000.00Problem 2 Required: JZ is a musician who is considering whether to independently produce and sell a CD. JZ estimates fixed costs of $10,000 and variable costs of $4.00 per unit. The expected selling price is $12 per CD. What is JZ’s break-even point in units and dollars? (25 points)
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