Question

PLEASE ANSWER ALL QUESTIONS AND SHOW YOUR WORK! Leonard Company has the following costs in its...

PLEASE ANSWER ALL QUESTIONS AND SHOW YOUR WORK!

Leonard Company has the following costs in its manufacturing company

Factory rent

$3,673

Direct labor

6,295

Indirect materials

694

Direct materials used

6,723

Sales commissions

2,365

Factory manager’s salary

2,726

Advertising

867

What are Leonard Company's total manufacturing cost?

----------------

Ginobili Corp has the following information:

Beginning Inventory (1/1)

Ending Inventory (12/31)

Raw  Materials Inventory

$

20,605

$

21,546

Work in Process Inventory

$

11,874

$

9,354

Finished  Goods Inventory

$

15,397

$

17,897


Additional information for the year is as follows:

Raw materials purchases

$

56,222

Direct labor

$

43,238

Manufacturing overhead applied

$

47,167

Indirect materials

$

2,125

Compute the direct materials used in production.

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Answer #1

Solution

1) Calculation of Leonard Company's total manufacturing cost

Factory rent

$3,673

Direct labor

$6,295

Direct materials used

$6,723

Factory manager’s salary

$2,726
Total Manufacturing cost $19,417

2) Calculation of direct materials used in production

Direct material used in production = Raw material purchased during the year + Raw material inventory as on 1/1 - Raw material inventory as on 12/31

=$56,222+$20,605-$21,546

=$55,281

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