Rocket Company produces small gasoline-powered engines for model airplanes. Mr. Clemens, Rocket's CFO, has presented you with the following cost information:
Direct Materials Inventory, beginning$80,000Direct Materials Inventory, ending$122,000Work in Process Inventory, beginning$140,000Work in Process Inventory, ending$95,000Direct labor$780,000Direct materials purchases$940,000Insurance, factory$50,000Depreciation, factory$22,000Depreciation, executive offices$15,000Indirect labor$220,000Utilities, factory$17,000Utilities, executive offices$8,000Property taxes, factory$18,000Property taxes, executive offices$14,000
Using this cost information, prepare a cost of goods manufactured schedule for Mr. Clemens.
Answer ' Cost of goods manufactured schedule Direct Materials Inventory, beginning 80,000 Add: Direct materials purchases... View the full answer