Use the Following Information to Prepare the Schedule of Cost

question 194

Essay

Use the following information to prepare the schedule of cost of goods manufactured for Graffstone Company for the month ended June 30.
$\begin{array}{|l|c|}\hline \text { Work in Process inventory, May 31 } & \$ 12,600 \\\hline \text { Work in Process inventory, June 30 } & 16,500 \\\hline \text { Direct materials used during June } & 21,000 \\\hline \text { Direct labor used during June } & 31,000 \\\hline \text { Factory overhead: } & \\\hline \text { Indirect material } & 6,400 \\\hline \text { Indirect labor } & 9,200 \\\hline \text { Factory rent } & 12,000 \\\hline \text { Factory depreciation } & 15,000 \\\hline \text { Factory utilities } & 18,400\\\hline\end{array}$

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Definitions:

Ethical Egoism

A philosophical stance asserting that actions are morally right if they benefit the individual's self-interest.

Moral Development

A process involving the evolution of an individual's understanding, values, and behaviors concerning what is right and wrong, influencing ethical decision-making.

Individualism

A social theory favoring freedom of action for individuals over collective or state control.

Exchange Stage

A phase in the development of relationships, especially in the workplace, where mutual values, benefits, and commitments are established between parties.