Rocket Company produces small gasoline-powered engines for model airplanes. Mr. Clemens, Rocket’s CFO, has presented you...

3.6 Ratings (636 Votes)

Cost of goods manufactured Schedule

Particulars		Amount ($)

Direct materials
Direct Materials Inventory, beginning	80,000
Add : Direct materials purchases	940,000
Less : Direct Materials Inventory, ending	122,000
Direct materials used in production		898,000
Direct labor		780,000
Manufacturing overhead
Insurance, factory	50,000
Depreciation, factory	22,000
Indirect labor	220,000
Utilities, factory	17,000
Property taxes, factory	18,000
Total manufacturing overhead		327,000
Total manufacturing costs		2,005,000
Add : Work in Process Inventory, beginning		140,000
Less : Work in Process Inventory, ending		95,000

Cost of goods manufactured		2,050,000

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!

Become a Member

Other questions asked by students

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