Question
I am unsure how to make an overview diagram with the following information. You are the new cost accountant at SRS. In your new position,
I am unsure how to make an overview diagram with the following information.
You are the new cost accountant at SRS. In your new position, you have been asked to perform a few tasks for the companys leadership team. Use the scenario info in the table below:
A: Create an overview diagram using whichever flowchart or diagram tool you feel most comfortable with. Paste it on the OVERVIEW DIAGRAM sheet.
Direct Materials and supplies purchased on credit: $800
Direct materials used: $710
Indirect materials issued to various production departments: $100
Direct manufacturing labor: $1,300
Indirect manufacturing labor incurred by various production departments: $900
Depreciation on building and manufacturing equipment: $400
Miscellaneous manufacturing overhead incurred by various production departments: $550
o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.)
Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ?
Cost of goods manufactured: $4,120
Revenues: $8,000
Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead): $4,020
Inventories, December 31, 2016 (not 2017):
o Materials control: $100
o Work-in-process control: $60
o Finished goods control: $500
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