South State Company Used $71,000 of Direct Materials and Incurred

question 93

Essay

South State Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during 2012. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100; maintenance of $4,500; repairs of $1,800; depreciation of $7,900; and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance.
Required: Prepare a schedule of cost of goods manufactured for South State Company using the format below.

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Definitions:

Arithmetic Mean

The sum of a collection of numbers divided by the count of numbers in the collection.

Median

The middle value in a sorted list of numbers, effectively dividing the data into two equal halves.

Midrange

A statistical measure that represents the halfway point between the smallest and largest values in a dataset.

Population Mean

The average of a set of characteristics or values within an entire population.