Calculate Cost of Goods Manufactured and prepare a schedule to support your calculations based upon the following information for Example Manufacturing, Inc. for January 2012. (See slide 13 of S-V for an example of a schedule):
|
Depreciation on retail store equipment
|
$ 2500
|
|
Depreciation on factory equipment
|
4,000
|
|
Direct labor used
|
58,000
|
|
Direct materials used
|
40,000
|
|
Factory maintenance
|
4,800
|
|
Finished goods balance, January 1
|
1,600
|
|
Finished goods balance, January 31
|
1,400
|
|
Indirect materials used
|
1,600
|
|
President's salary
|
8,000
|
|
Rent on the factory building
|
1,200
|
|
Sales commissions
|
3,200
|
|
Utilities for factory activities
|
550
|
|
Work in Process balance January 1
|
5,000
|
|
Work in Process balance January 31
|
4,600
|