Question

Use the information below the year ended December 31, 20xx, to prepare the statement of cost...

Use the information below the year ended December 31, 20xx, to prepare the statement of cost of goods manufactured. Investories Beginning Ending Materials investory 41,000 51,000 Work in process inventory 62,000 78,000 Direct materials purchased 258,000 Total direct labor costs 372,000 Total indirect labor costs 67,000 Utilities 41,000 Depreciation 54,000 Small tools 5,000 Factory insurance 3,000 Factory supervision 66,000 Miscellaneous overhead costs 11,000
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Prepare statement of cost of goods manufactured :

Beginning work in process 62000
Beginning raw material 41000
Raw material purchase 258000
Less: Ending raw material -51000
Raw material used 248000
Direct labour 372000
Manufacturing overhead
Indirect labour 67000
Utilities 41000
Depreciation 54000
Small tool 5000
Factory insurance 3000
Factory supervision 66000
Miscellaneous overhead cost 11000
Total overhead 247000
Total manufacturing cost 867000
Total cost of work in process 929000
Less: Ending work in process -78000
Cost of goods manufactured 851000
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
From the following data, prepare a statement of cost of goods manufactured for the year ended...
From the following data, prepare a statement of cost of goods manufactured for the year ended June 30, 2019: Factory depreciation.................................................... $ 12,000   Direct materials issued............................................... $ 50,000 Direct labor...................................................................... $ 80,000 Indirect labor................................................................... $ 42,000   Sales salaries................................................................... $ 48,000 Factory supplies used.................................................. $   5,000   Factory utilities............................................................. $ 24,000 Factory property taxes............................................... $ 11,000   Work in process inventory on July 1, 2018........ $ 22,000 Work in process inventory on June 30, 2019.... $ 24,000   Finished goods inventory on July 1,...
account balances for the year ended December 31: Selling and administrative salaries $ 106,000 Insurance, factory...
account balances for the year ended December 31: Selling and administrative salaries $ 106,000 Insurance, factory 7,200 Utilities, factory 51,500 Purchases of raw materials ? Indirect labour 62,000 Direct labour 101,800 Advertising expense 76,500 Cleaning supplies, factory 7,500 Sales commissions 40,500 Rent, factory building 120,000 Maintenance, factory 30,000 Inventory balances at the beginning and end of the year were as follows: Beginning of the Year End of the Year Raw materials $ 60,800 $ 8,300 Work in process ? 32,800...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense $ 28,750 Depreciation expense—Office equipment 7,250 Depreciation expense—Selling equipment 8,600 Depreciation expense—Factory equipment 33,550 Factory supervision 102,600 Factory supplies used 7,350 Factory utilities 33,000 Direct labor 675,480 Indirect labor 56,875 Miscellaneous production costs 8,425 Office salaries expense 63,000 Raw materials purchases* 925,000 Rent expense—Office space 22,000 Rent expense—Selling space 26,100 Rent expense—Factory building 76,800 Maintenance expense—Factory equipment...
Selected account balances for the year ended December 31 are provided below for Superior Company:   ...
Selected account balances for the year ended December 31 are provided below for Superior Company:    Selling and administrative salaries $ 111,000 Insurance, factory 6,600 Utilities, factory 64,800 Purchases of raw materials ? Indirect labour 64,000 Direct labour 75,600 Advertising expense 73,000 Cleaning supplies, factory 8,000 Sales commissions 39,000 Rent, factory building 115,000 Maintenance, factory 30,000 Inventory balances at the beginning and end of the year were as follows: Beginning of the Year End of the Year Raw materials $...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company.     Advertising expense $ 29,200 Direct labor $ 694,600 Depreciation expense—Office equipment 11,600 Income taxes expense 295,300 Depreciation expense—Selling equipment 10,300 Indirect labor 57,100 Depreciation expense—Factory equipment 33,400 Miscellaneous production costs 10,500 Factory supervision 126,900 Office salaries expense 62,000 Factory supplies used 9,200 Raw materials purchases 929,000 Factory utilities 40,000 Rent expense—Office space 29,000 Inventories Rent expense—Selling space 27,100...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $27,000; factory rent, $32,000; factory utilities, $22,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in April. Costs of...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Lily Company. LILY COMPANY Cost of Goods Manufactured Schedule December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020 Work in process (1/1) $216,130 Direct materials    Raw materials inventory (1/1) $    Add: Raw materials purchases 165,710    Total raw materials available for use    Less: Raw materials inventory (12/31) 30,350 Direct materials used $189,120 Direct labor Manufacturing overhead    Indirect...
PROBLEM III From the information given, prepare a statement of cost of goods manufactured. During August,...
PROBLEM III From the information given, prepare a statement of cost of goods manufactured. During August, Radio Company’s purchases of direct materials totaled $139,000: direct labor for the month was 3,400 hours at $8.75 per hour, Radio also incurred the following overhead costs: utilities $5,870, supervision $16,600; indirect material, $6,750; depreciation $6,200; insurance $1,830; miscellaneous $1,100 Beginning inventory accounts were as follows: Material Inventory $48,600; Work in Process Inventory $54,250; and Finished Goods Inventory $38,500. Ending inventory accounts were as...
Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations. Direct...
Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations. Direct Materials Used Direct Labor Used Factory Overhead Total Manufacturing Costs (1) $41,000 $62,000 $51,000 $ __________ (2) $ _____ $76,000 $141,000 $297,000 (3) $56,000 $ ____ $112,000 $311,000
Q.1 Rex Manufacturing had the following data for the quarter ended December 31:                              &nbs
Q.1 Rex Manufacturing had the following data for the quarter ended December 31:                                   Office expenses                         $  12,500                      Office rent                                     20,000                      Factory maintenance                   25,000                      Office maintenance                      11,000 Work in process, Jan.1   15,000 Work in processDec.31     40,000 Finished goods, Jan. 1 72,000 Finished goods, Dec. 31 65,000 Direct materials used 120,000 Direct labor 260,000 Factory depreciation 65,000 Factory rent   Sales                                                                        30,000                          580,000 Sales Returns                               2,000                Advertising expense 52,000 Admin salaries            25,000 Indirect materials 19,000 Indirect labor 33,000                          Required: Present Rex's Schedule of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT