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How much is cost of goods manufactured

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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

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