Explore BrainMass

Statement of Cost of Goods Manufactured

As the management accountant for Ace Enterprises, Inc., you have been asked to prepare a statement of cost of goods manufactured at the end of the first quarter. Account balances at that time were as follows:

Materials inventory, January 1, 20xx $510,500

Work in process inventory, January 1, 20xx 697,300

Finished goods inventory, January 1, 20xx 701,200

Direct materials purchased during quarter 1,105,400

Direct labor costs 154,800

Depreciation expense, plant and equipment 16,200

Plant supervisor's salaries 50,600

Insurance expense, plant and equipment 1,100

Utilities expense, plant 4,000

Indirect labor costs 16,800

Manufacturing supplies expense 3,400

Small tools expense 1,500

March 31 inventories were as follows: materials, $540,200; work in process, $795,400; and finished goods, $604,100. Prepare a statement of cost of goods manufactured for the first quarter of 20xx.

Solution Preview

Dear student,
Solution is provided in four parts in a separate ...

Solution Summary

The statement of cost of goods manufactured is examined.