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Jane Neff believes that the cost of goods manufactured schedule in job order cost accounting is the same as below. Current Designs Cost of Goods Manufactured Schedule for the Year Ended December 31, 2022 Work in process, January 1 $ 18,400 Direct materials Raw materials inventory, January 1 $ 16,700 Raw materials purchases 152,500 Total raw materials available for use 169,200 Less: Raw materials inventory, December 31 22,800 Direct materials used $146,400* Direct labor 175,600 Manufacturing overhead Indirect labor 14,300 Factory repairs 12,600 Factory utilities 10,100 Factory depreciation 9,440 Factory insurance 8,360 Total manufacturing overhead 54,800 Total manufacturing costs 376,800 Total cost of work in process 395,200 Less: Work in process, December 31 25,200 Cost of goods manufactured $370,000 *To simplify the presentation, assumes that all raw materials used were direct materials. Is Jane correct?

Jane Neff believes that the cost of goods manufactured schedule in job order cost accounting is the same as below. Current Designs Cost of Goods Manufactured Schedule for the Year Ended December 31, 2022 Work in process, January 1 $ 18,400 Direct materials Raw materials inventory, January 1 $ 16,700 Raw materials purchases 152,500 Total raw materials available for use 169,200 Less: Raw materials inventory, December 31 22,800 Direct materials used $146,400* Direct labor 175,600 Manufacturing overhead Indirect labor 14,300 Factory repairs 12,600 Factory utilities 10,100 Factory depreciation 9,440 Factory insurance 8,360 Total manufacturing overhead 54,800 Total manufacturing costs 376,800 Total cost of work in process 395,200 Less: Work in process, December 31 25,200 Cost of goods manufactured $370,000 *To simplify the presentation, assumes that all raw materials used were direct materials. Is Jane correct?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Does the cost of goods manufactured schedule in job order cost accounting is the same as the one shown in the picture attached?

Jane Neff believes that the cost of goods manufactured schedule in job order cost accounting is the same as below. Current Designs Cost of Goods Manufactured Schedule for the Year Ended December 31, 2022 Work in process, January 1 $ 18,400 Direct materials Raw materials inventory, January 1 $ 16,700 Raw materials purchases 152,500 Total raw materials available for use 169,200 Less: Raw materials inventory, December 31 22,800 Direct materials used $146,400* Direct labor 175,600 Manufacturing overhead Indirect labor 14,300 Factory repairs 12,600 Factory utilities 10,100 Factory depreciation 9,440 Factory insurance 8,360 Total manufacturing overhead 54,800 Total manufacturing costs 376,800 Total cost of work in process 395,200 Less: Work in process, December 31 25,200 Cost of goods manufactured $370,000 *To simplify the presentation, assumes that all raw materials used were direct materials. Is Jane correct?
Transcribed Image Text:Jane Neff believes that the cost of goods manufactured schedule in job order cost accounting is the same as below. Current Designs Cost of Goods Manufactured Schedule for the Year Ended December 31, 2022 Work in process, January 1 $ 18,400 Direct materials Raw materials inventory, January 1 $ 16,700 Raw materials purchases 152,500 Total raw materials available for use 169,200 Less: Raw materials inventory, December 31 22,800 Direct materials used $146,400* Direct labor 175,600 Manufacturing overhead Indirect labor 14,300 Factory repairs 12,600 Factory utilities 10,100 Factory depreciation 9,440 Factory insurance 8,360 Total manufacturing overhead 54,800 Total manufacturing costs 376,800 Total cost of work in process 395,200 Less: Work in process, December 31 25,200 Cost of goods manufactured $370,000 *To simplify the presentation, assumes that all raw materials used were direct materials. Is Jane correct?
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