Problem:
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:
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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
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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.