maverick wings inc manufactures airplanes for use in stunt shows maverick s factory 3384307

Maverick Wings, Inc. manufactures airplanes for use in stunt shows. Maverick s factory is highly automated, using the latest in robotic technology. To keep costs low, the company employs as few factory workers as possible. Since each plane has different features (such as its shape, weight, and color), Maverick uses a job order costing system to accumulate product costs. At the end of 2016, Maverick s accountants developed the following expectations for 2017 based on the marketing department s sales forecast: Budgeted overhead cost ………………………… $1,050,000 Estimated machine hours ……………………………. 50,000 Estimated direct labor hours ………………………… 10,000 Estimated direct materials cost ………………… $1,500,000 Maverick s inventory count, completed on December 31, 2016, revealed the following ending inventory balances: Raw Materials Inventory ……………………….. $250,000 Work in Process Inventory ………………………$626,000 Finished Goods Inventory………………………. $340,000 The company s 2017 payroll data revealed the following actual payroll costs for the year: The following information was taken from Maverick s Schedule of Plant Assets. All assets are depreciated using the straight-line method. Other miscellaneous costs for 2017 included: Cost…………………………………….. Amount Factory insurance ……………………….$14,000 Administrative

 

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