Bramble Company produces small gasoline-powered engines for model airplanes. Mr. Moore, Bramble’s CFO, has presented you with the following cost information: Direct Materials Inventory, beginning $ 66,000 Direct Materials Inventory, ending $ 47,000 Work in Process Inventory, beginning $ 30,000 Work in Process Inventory, ending $ 24,000 Direct labor $ 158,000 Direct materials purchases $ 219,000 Insurance, factory $ 44,000 Depreciation, factory $ 20,000 Depreciation, executive offices $ 11,000 Indirect labor $ 17,000 Utilities, factory $ 16,000 Utilities, executive offices $ 9,000 Property taxes, factory $ 12,000 Property taxes, executive offices $ 8,000 Using this cost information, prepare a cost of goods manufactured schedule for Mr. Moore.
Bramble Company produces small gasoline-powered engines for model airplanes. Mr. Moore, Bramble’s CFO, has presented you with the following cost information: Direct Materials Inventory, beginning $ 66,000 Direct Materials Inventory, ending $ 47,000 Work in Process Inventory, beginning $ 30,000 Work in Process Inventory, ending $ 24,000 Direct labor $ 158,000 Direct materials purchases $ 219,000 Insurance, factory $ 44,000 Depreciation, factory $ 20,000 Depreciation, executive offices $ 11,000 Indirect labor $ 17,000 Utilities, factory $ 16,000 Utilities, executive offices $ 9,000 Property taxes, factory $ 12,000 Property taxes, executive offices $ 8,000 Using this cost information, prepare a cost of goods manufactured schedule for Mr. Moore.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bramble Company produces small gasoline-powered engines for model airplanes. Mr. Moore, Bramble’s CFO, has presented you with the following cost information:
| Direct Materials Inventory, beginning | $ | 66,000 | |||
| Direct Materials Inventory, ending | $ | 47,000 | |||
| Work in Process Inventory, beginning | $ | 30,000 | |||
| Work in Process Inventory, ending | $ | 24,000 | |||
| Direct labor | $ | 158,000 | |||
| Direct materials purchases | $ | 219,000 | |||
| Insurance, factory | $ | 44,000 | |||
| $ | 20,000 | ||||
| Depreciation, executive offices | $ | 11,000 | |||
| Indirect labor | $ | 17,000 | |||
| Utilities, factory | $ | 16,000 | |||
| Utilities, executive offices | $ | 9,000 | |||
| Property taxes, factory | $ | 12,000 | |||
| Property taxes, executive offices | $ | 8,000 |
Using this cost information, prepare a cost of goods manufactured schedule for Mr. Moore.
Expert Solution
Step 1: Definition
Cost of goods manufactured:
The cost of goods manufactured is the total costs incurred for the manufacturing of a product which is transferred from work-in process inventory account to the finished goods inventory account.
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