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Income Statement, Cost of Services Provided, Service Attributes
Berry Company is an architectural firm located in Detroit, Michigan. The company works with small and medium-size construction businesses to prepare building plans according to the cli- ent's contract. The following data are provided for the previous year:
Number of designs completed and sold
700
Direct labor
800000
Beginning inventory of direct materials
$20,000
Manufacturing overhead
100000
Beginning inventory of designs in process
60000
Administrative expense
150000
Ending inventory of direct materials
10000
Selling expense
Ending inventory of designs in process
Beginning inventory of finished designs
300000
Purchases, direct materials
40000
Ending inventory of finished designs
280000
Required:
1. Calculate the cost of goods manufactured.
2. Calculate the cost of goods sold.
3. Assume that the average fee for a design is $2,100. Prepare an income statement for Berry.
4. CONCEPTUAL CONNECTION Refer to the cost of goods sold (calculated in Requirement 2). What is the dominant cost? Briefly explain why this cost is the dominant one for Berry.
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