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 | $ | 80,000 | |||
| Direct Materials Inventory, ending | $ | 122,000 | |||
| Work in Process Inventory, beginning | $ | 140,000 | |||
| Work in Process Inventory, ending | $ | 95,000 | |||
| Direct labor | $ | 780,000 | |||
| Direct materials purchases | $ | 940,000 | |||
| Insurance, factory | $ | 50,000 | |||
| Depreciation, factory | $ | 22,000 | |||
| Depreciation, executive offices | $ | 15,000 | |||
| Indirect labor | $ | 220,000 | |||
| Utilities, factory | $ | 17,000 | |||
| Utilities, executive offices | $ | 8,000 | |||
| Property taxes, factory | $ | 18,000 | |||
| Property taxes, executive offices | $ | 14,000 |
Using this cost information, prepare a cost of goods manufactured schedule for Mr. Clemens.
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Performance Auditing Measuring Inputs, Outputs, And Outcomes
Authors: Stephen L. Morgan, Ronell B. Raaum, Colleen G. Waring
3rd Edition
0894139762, 9780894139765
