Question
Zoolander Inc. manufacturers high end fashion accessories and has provided the following data for the latest quarter ended March 31st: Beginning Inventory for Raw Materials
Zoolander Inc. manufacturers high end fashion accessories and has provided the following data for the latest quarter ended March 31st:
| Beginning Inventory for Raw Materials | $60,000 | |
| Ending Inventory for Raw Materials | $50,600 | |
| Beginning Inventory for Work in Process | $87,000 | |
| Ending Inventory for Work in Process | $99,000 | |
| Beginning Inventory for Finished Goods | $47,000 | |
| Ending Inventory for Finished Goods | $53,000 | |
| Purchases of Raw Materials | $44,000 | |
| Wages paid to assembly line workers | $123,000 | |
| Wages paid to factory supervisor | $32,000 | |
| Property insurance paid on factory | $5,500 | |
| Utilities for the factory | $9,200 | |
| Indirect materials used in production | $3,100 | |
| Sales Revenue | $525,000 | |
| General & Administrative Expenses | $135,000 |
Calculate cost of goods manufactured for Zoolander Inc.'s first quarter. (Assume that indirect materials are not included in Raw Materials Inventory.)
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Internal Auditing Assurance And Advisory Services
Authors: Kurt R. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Cris Riddle
5th Edition
1634541367, 978-1634541367
