Prepare a Schedule of Cost of Goods Manufactured (In Good

question 86

Essay

Prepare a Schedule of Cost of Goods Manufactured (in good form) for the Chandler Company from the following information for June 20X8:
$\begin{array}{ll}\underline{\text {Inventries}}&\underline{\text { Beginning }} &\underline{ \text { Ending }} \\\text {Raw Material}&\$6,700 & \$ 8,900 \\\text {Wotk in Process}&17,700& 22,650 \\\text { Finished Goods }&29,730 & 19,990\end{array}$

Additional information: purchases of raw material were $46,700; 19,700 direct labor hours were worked at $11.30 per hour; overhead costs were $33,300.

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Definitions:

Marginal Cost

The financial outlay for making one extra unit of a product or service.

Capitalist Economy

An economic system where private individuals or businesses own capital goods, and the production of goods and services is based on supply and demand.

Employment Discrimination

Occurs when a job applicant or employee is treated unfavorably because of characteristics, such as race, gender, age, or disability, that are unrelated to their job performance.

Earnings

The amount of profit that a company produces during a specific period, which is a key indicator of its financial health.