Homework answers / question archive / QUESTION THREE) (15 marks) Good Vibrations, Inc

QUESTION THREE) (15 marks) Good Vibrations, Inc

Accounting

Share With

QUESTION THREE) (15 marks) Good Vibrations, Inc., produces videotapes of musical performances. A newly hired executive of the company has asked you to sort through the records and prepare a statement of the company's cost of goods manufactured. You find the following data from records prepared by Good Vibrations, Inc., for the year ended December 31, 2017: Beginning direct materials inventory. January 11 56.000 Ending direct materials inventory. December 31 $10.500 Besinning work in process, January 1 $10,000 Ending work in process, December 31 $9.500 Materials purchases $50,000 Finished Goods Inventory on January 1 $20,000 Finished Goods Inventory on December 31 $5,000 Direct labor $40,000 Indirect labor $15.000 Factory utilities expense 57.000 Factory supplies expense 55.000 Depreciation expense - factory building $14.000 Depreciation expense - Factory Equipment $10.500 Other manufacturing overhead $25,000 REQUIRED: Prepare a schedule of cost of goods manufactured for Good Vibrations, Inc. for the year ended December 31, 2017