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Briefly explain why this cost is the dominant one for berry

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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

60000

Ending inventory of designs in process

100000

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.

Reference no: EM13972623

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