Question

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 $

Homework Answers

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
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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 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...
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 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...
During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of...
During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of $126,000. Overhead is applied at the rate of 80% of the direct labor cost. These are the inventory balances: Beginning Ending Raw materials inventory $17,435 $16,427 Work in process inventory 241,437 234,424 Finished goods inventory 312,841 342,384 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $ Cost...
Maryville, Inc., incurred the following costs during August: Raw materials used $ 32,900 Direct labor 78,600...
Maryville, Inc., incurred the following costs during August: Raw materials used $ 32,900 Direct labor 78,600 Manufacturing overhead, actual 45,300 Selling expenses 29,330 Administrative expenses 15,870 Interest expense 9,600 During the month, 5,600 units of product were manufactured and 4,700 units of product were sold. On August 1, Maryville, Inc., carried no inventories. On August 31, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during August and the average cost per unit...
Young Fashions Company produces children's clothing. During the current year, the company incurred the following costs:...
Young Fashions Company produces children's clothing. During the current year, the company incurred the following costs: Factory Rent $ 144,000 Direct labor used 525,000 Factory utilities 120,000 Direct materials purchases 850,000 Indirect materials 106,000 Indirect labor 90,000 Inventories for the year were: January 1 December 31 Direct materials $ 220,000 $ 155,000 Work in process 160,000 128,000 Finished goods 320,000 310,000 Required: Prepare a statement of cost of goods manufactured.
Inventory Valuation under The reporting of the costs of manufactured products, normally direct materials, direct labor,...
Inventory Valuation under The reporting of the costs of manufactured products, normally direct materials, direct labor, and factory overhead, as product costs.Absorption Costing and The concept that considers the cost of products manufactured to be composed only of those manufacturing costs that increase or decrease as the volume of production rises or falls (direct materials, direct labor, and variable factory overhead).Variable Costing At the end of the first year of operations, 6,200 units remained in the finished goods inventory. The...
Glenville Company has the following information for April: Cost of direct materials used in production $...
Glenville Company has the following information for April: Cost of direct materials used in production $ 44,000 Direct labor 53,000 Factory overhead 33,000 Work in process inventory, April 1 32,000 Work in process inventory, April 30 44,000 Finished goods inventory, April 1 25,000 Finished goods inventory, April 30 a)  For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. 18,000 Work in process inventory, April 1 _________________ Cost of direct materials...
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the...
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Raw materials purchased = $320,000 Raw materials, beginning inventory = 15,000 Raw materials, ending inventory = 14,000 Work in process, beginning inventory = 35,000 Work in process, ending inventory = 37,000 Estimated overhead = 300,000 Depreciation of factory building = 50,000 Factory real estate taxes = 7,382 Factory utility expenses = 45,000 Indirect materials = 20,000 Indirect labor =...
Maryville, Inc., incurred the following costs during August: Raw materials used $ 33,100 Direct labor 87,000...
Maryville, Inc., incurred the following costs during August: Raw materials used $ 33,100 Direct labor 87,000 Manufacturing overhead, actual 41,900 Selling expenses 24,710 Administrative expenses 22,590 Interest expense 9,800 During the month, 6,000 units of product were manufactured and 4,500 units of product were sold. On August 1, Maryville, Inc., carried no inventories. On August 31, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during August and the average cost per unit...
1.Manufacturing costs are typically classified as Select one: a. direct materials or direct labor b. product...
1.Manufacturing costs are typically classified as Select one: a. direct materials or direct labor b. product costs or period costs c. direct materials, direct labor, or manufacturing overhead d. direct materials, direct labor, or selling and administrative 2. Raw materials inventory, January 1 $ 12,000 Raw materials inventory, December 31 16,000 Work in process, January 1 5,000 Work in process, December 31 8,000 Finished goods, January 1 17,000 Finished goods, December 31 12,000 Raw materials purchases 118,000 Direct labor 165,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT