Question
Rocket Company produces small gasoline-powered engines for model airplanes. Mr. Clemens, Rockets CFO, has presented you with the following cost information: Direct Materials Inventory, beginning
Rocket Company produces small gasoline-powered engines for model airplanes. Mr. Clemens, Rockets CFO, has presented you with the following cost information:
Direct Materials Inventory, beginning | $ | 64,000 | |||
Direct Materials Inventory, ending | $ | 47,000 | |||
Work in Process Inventory, beginning | $ | 28,000 | |||
Work in Process Inventory, ending | $ | 23,000 | |||
Direct labor | $ | 156,000 | |||
Direct materials purchases | $ | 220,000 | |||
Insurance, factory | $ | 43,000 | |||
Depreciation, factory | $ | 19,000 | |||
Depreciation, executive offices | $ | 12,000 | |||
Indirect labor | $ | 15,000 | |||
Utilities, factory | $ | 16,000 | |||
Utilities, executive offices | $ | 7,000 | |||
Property taxes, factory | $ | 13,000 | |||
Property taxes, executive offices | $ | 8,000 |
Using this cost information, prepare a cost of goods manufactured schedule for Mr. Clemens.
Rocket Company Schedule of Cost of Goods Manufactured | |||||
---|---|---|---|---|---|
select an opening name for section one |
select an item |
---|
$enter a dollar amount | |||||
select between addition and deduction |
: select an item
| enter a dollar amount | ||||
---|---|---|---|---|---|
select between addition and deduction |
: select an item
| enter a dollar amount | ||||
---|---|---|---|---|---|
select a closing name for section one |
$enter a total amount for section one | |||||
select an item |
enter a dollar amount | |||||
select an opening name for section two |
select an item |
---|
enter a dollar amount | |||||
select an item |
enter a dollar amount | |||||
select an item |
enter a dollar amount | |||||
select an item |
enter a dollar amount | |||||
select an item |
enter a dollar amount | |||||
select a closing name for section two |
enter a total amount for section two | |||||
select a summarizing line for the first part |
enter a total amount for the first part | |||||
select between addition and deduction |
: select an item
| enter a dollar amount | ||||
---|---|---|---|---|---|
select between addition and deduction |
: select an item
| enter a dollar amount | ||||
---|---|---|---|---|---|
select a closing name for this schedule |
select an item |
---|
$enter a dollar amount | |||||
select between addition and deduction |
: select an item
| enter a dollar amount | ||||
---|---|---|---|---|---|
select between addition and deduction |
: select an item
| enter a dollar amount | ||||
---|---|---|---|---|---|
select a closing name for section one |
$enter a total amount for section one | |||||
select an item |
enter a dollar amount | |||||
select an opening name for section two |
select an item |
---|
enter a dollar amount | |||||
select an item |
enter a dollar amount | |||||
select an item |
enter a dollar amount | |||||
select an item |
enter a dollar amount | |||||
select an item |
enter a dollar amount | |||||
select a closing name for section two |
enter a total amount for section two | |||||
select a summarizing line for the first part |
enter a total amount for the first part | |||||
select between addition and deduction |
: select an item
| enter a dollar amount | ||||
---|---|---|---|---|---|
select between addition and deduction |
: select an item
| enter a dollar amount | ||||
---|---|---|---|---|---|
select a closing name for this schedule |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started