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.

Answered: Bramble Company produces small…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 54P: Preparation of Income Statement: Manufacturing Firm Laworld Inc. manufactures small camping tents....

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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
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.

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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