Solution-How much is cost of goods manufactured

How much is cost of goods manufactured

Assignment Help Accounting Basics

Reference no: EM13832743

Alaska Launch, a private-sector aerospace company, provided the following aggregated data for satellite construction jobs during a recent period:

Direct materials	$ 13,442,769
Direct labor	21,889,554
Applied (and actual) factory overhead	8,223,454
Beginning work in process	14,550,098
Ending work in process	17,559,000

(a) How much is cost of goods manufactured? Is this necessarily the same as cost of goods sold? Why or why not?

(b) Satellites are usually constructed to precise customer specifications, and the contract selling price is 125% of cost. Assuming that the above costs are attributable to several different satellites in various stages of production, how would the cost of direct materials, direct labor, and overhead be tracked to specific jobs? How important is the job costing system in establishing a fair selling price for each satellite?

Reference no: EM13832743

Questions Cloud

Using appropriate demand-marginal revenue and cost curves : Using appropriate demand, marginal revenue and cost curves, show graphs for the following situations. (Be sure to label the axes and curves and use numbers on your graphs to demonstrate that your graphs correctly show the condition specified in the q..

The marginal cost of mining diamonds is constant : A large percentage of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $1,000. What would happen to South Africa’s profit if it increased its production by 1,000 while R..

Compare the multiplexing techniques tdma and fdma : What is the purpose of a mixer? Include a discussion of sidebands in your answer. Compare and contrast the multiplexing techniques TDMA and FDMA in the area of wireless networking.

Medical expenditures for treatment of ischemic heart disease : A sudden escalation in the utilization rates and, correspondingly, medical expenditures for treatment of ischemic heart disease (a procedure usually covered by insurance) would immediately. Insurance coverage of which treatment would likely cause the..

How much is cost of goods manufactured : How much is cost of goods manufactured. Is this necessarily the same as cost of goods sold. Why or why not

Fiscal and monetary policies before next general election : If you were the leader of your country and you had control of fiscal and monetary policies, what would you likely do with the use of fiscal and monetary policies before the next general election?

Relationship between ethics and professional responsibility : A brief explanation of the relationship between ethics and professional responsibility. Then, explain whether you agree or disagree with the way that Claude Ferguson chose to balance his objective, subjective, and ethical responsibilities as a pub..

Price elasticity of demand for representative gasoline : Suppose the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.4, and a typical gasoline retailer enjoys sales of $1,700,000 annually. What is the price elasticity of demand for a representative gasoline reta..

Which statement about the product is true : Which statement about the product is true

User Account

All Pages

How much is cost of goods manufactured

Reference no: EM13832743

Reference no: EM13832743

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT