Question

Your answer is partially correct. Coronado Company produces small gasoline-powered engines for model airplanes, Mr. Clemens, Coronado's CFO, has presented you with the following cost information: Direct Materials Inventory, beginning $ 83,000 Direct Materials Inventory, ending $ 122,000 Work in Process Inventory, beginning $ 160,000 Work in Process Inventory, ending $ 98,200 Direct labor $760,000 Direct materials purchases $ 947.000 Insurance, factory $ 59,400 Depreciation, factory $ 24,300 Depreciation, executive offices $ 15,400 Indirect labor $ 228,000 Utilities, factory $ 18,900 Utilities, executive offices $ 8,600 Property taxes, factory $ 18,300 Property taxes, executive offices $ 11,200 Using this cost information, prepare a cost of goods manufactured schedule for Mr. Clemens. Coronado Company Schedule of Cost of Goods Manufactured Direct Materials

Answer 1

Cost of Goods Manufactured Add Direct Material :- Beginning Inventory of Raw Material Material purchased Raw material Available for use Ending Inventory of Raw Material Direct Material used $ 83,000 $ 947,000 $ 1,030,000 $ 122,000 less $ 908,000 Direct Labor used $ 760,000 Manufacturing Overhead Cost: Insurance- Factory Depreciation - Factory Indirect Labor Utilities Factory Property Tax - Factory Total Manufacturing Overhead Total Manufacturing cost $ $ $ $ $ 59,400 24,300 228,000 18,900 18,300 $ $ 348,900 2,016,900 Add less Beginning Work in Process Ending Work in Process $ $ 160,000 98,200 Cost of Goods Manufactured $ 2,078,700