Cost of goods manufactured schedule (LO 3) Rocket Company produces small gasoline-powered engines for model airplanes. Mr. Clemens, Rocket's CFO, has presented you with the following cost information: 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 Required Using this cost information, prepare a cost of goods manufactured schedule for Mr. Clemens.

Question

 Cost of goods manufactured schedule (LO 3) Rocket Company produces small gasoline-powered engines for model airplanes. Mr. Clemens, Rocket's CFO, has presented you with the following cost information:

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

Required

Using this cost information, prepare a cost of goods manufactured schedule for Mr. Clemens.

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