Using this cost information, prepare a cost of goods manufactured schedule for M
ID: 2342523 • Letter: U
Question
Using this cost information, prepare a cost of goods manufactured schedule for Mr. Clemens.
(Please show your work! I'm having trouble figuring out the calculations.) Also, I used trial and error to get all the right terms in the right places, so if someone could explain to me why they are listed in that order. Thank you!!
Exercise 4-6 Crane Company produces small gasoline-powered engines for model airplanes. Mr. Clemens, Crane's CFO, has presented you with the following cost information: Direct Materials Inventory, beginning $ 80,000 Direct Materials Inventory, ending $120,000 Work in Process Inventory, beginning $140,000 Work in Process Inventory, ending$ 95,000 Direct labor Direct materials purchases Insurance, factory Depreciation, factory Depreciation, executive offices Indirect labor Utilities, factory Utilities, executive offices Property taxes, factory Property taxes, executive offices $750,000 $940,000 $50,000 $ 20,000 $10,000 $200,000 $15,000 $ 8,000 $15,000 $ 11,000 Using this cost information, prepare a cost of goods manufactured schedule for Mr. ClemensExplanation / Answer
Cost of goods manufactured schedule :
Direct material Beginning direct material 80000 Add: Direct material purchase 940000 Direct material available for use 1020000 Less: Ending direct material -120000 Direct material used 900000 Direct labour 750000 Manufacturing overhead Insurance factory 50000 Depreciation factory 20000 Indirect labour 200000 Utilities factory 15000 Property taxes factory 15000 Total manufacturing overhead 300000 Total manufacturing cost 1950000 Add: Work in process, beginning inventory 140000 Less: Work in process, Ending inventory -95000 Cost of goods manufactured 1995000Related Questions
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