Question

Mars Sporting Goods Company manufactured 130,000 sets of shoulder pads in 2020 and reported the following...

Mars Sporting Goods Company manufactured 130,000 sets of shoulder pads in 2020 and reported the following costs:

Work-in-Process, January 1

12,000

Plant utilities

24,000

Direct Material inventory, December 31

20,000

Machinery grease, lubricants

7,000

Leasing cost, plant

60,000

Depreciation, factory equipment

27,000

Finished Goods, December 31

75,000

Revenues

950,000

Work-in-Process, December 31

4,000

Sales commissions

95,000

Finished Goods, January 1

67,000

Marketing/distribution

110,0000

Direct Material inventory, January 1

18,000

Direct Labor

200,000

Indirect manufacturing labor

8,000

Direct Material purchases

280,000

Indirect materials

9,000

Depreciation, administrative office

12,000

What were the total manufacturing costs incurred during 2020?

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Answer #1
Computation of total manufacturing costs
Direct Materials
Beginning DM inventory 18,000
Add: Purchases 280,000
Less: Ending DM inventory (20,000)
Direct Materials used 278,000
Direct Labor 200,000
Manufacturing overheads
Indirect materials 9,000
Indirect manufacturing labor 8,000
Depreciation, factory equipment 27,000
Plant utilities 24,000
Machinery grease, lubricants 7,000
Leasing cost, plant 60,000
135,000
Total Manufacturing Costs 613,000
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