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Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the...

Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700, while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance.

Prepare a statement of cost of goods manufactured.

Allen Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
$
$
Factory overhead
$
Total manufacturing costs incurred
Total manufacturing costs $
Cost of goods manufactured $
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Answer #1

Prepare a statement of cost of goods manufactured.

Allen Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Beginning work in process $5500
Direct material $71000
Direct labor 37000
Factory overhead
Indirect labor $2700
Indirect material 1600
Factory utilities 3100
Maintenance 4500
Supplies 1800
Depreciation 7900
Property taxes 2600 24200
Total manufacturing costs incurred 132200
Total manufacturing costs $137700
Less: Ending work in process -7500
Cost of goods manufactured $130200
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