Rocket Company produces small gasoline-powered engines for model airplanes. Mr.

Question

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 86,000 Direct Materials Inventory, ending $123,000 Work in Process Inventory, beginning $162,000 Work in Process Inventory, ending $95,800 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 $754,000 $972,000 $ 54,400 $23,500 $ 10,800 $244,000 $ 15,600 $ 8,200 $ 15,100 $14,000 Using this cost information, prepare a cost of goods manufactured schedule for Mr. Clemens

Explanation / Answer

Cost of goods manufactured Statement Direct materials 972000 Add:opening material 86000 Less:closing material -123000 -37000 raw material consumed 935000 Direct labor    754000 prime cost 1689000 overhead factory insurance 54400 factory depreciation 23500 utilities factory 15600 indirect labor 244000 property taxes factory 15100 total manufacturing cost 2041600 Add:opening WIP 162000 Less:closing WIP -95800 66200 cost of goods manufactured 2107800

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