Question

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.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
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...
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...
The following cost data relate to the manufacturing activities of Chang Company during the just completed...
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:     Manufacturing overhead costs incurred: Indirect materials $ 16,400 Indirect labor 144,000 Property taxes, factory 9,400 Utilities, factory 84,000 Depreciation, factory 210,900 Insurance, factory 11,400 Total actual manufacturing overhead costs incurred $ 476,100 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 414,000 Direct labor cost $ 74,000 Inventories: Raw materials, beginning $ 21,400 Raw materials, ending $ 31,400 Work...
The following cost data relate to the manufacturing activities of Chang Company during the just completed...
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:            Manufacturing overhead costs incurred:        Indirect materials $ 16,800        Indirect labor 148,000        Property taxes, factory 9,800        Utilities, factory 88,000        Depreciation, factory 295,300        Insurance, factory 11,800           Total actual manufacturing overhead costs incurred $ 569,700       Other costs incurred:        Purchases of raw materials (both direct and indirect) $ 418,000        Direct labor cost $ 78,000   Inventories:        Raw materials, beginning $ 21,800        Raw materials, ending...
Annapolis Company manufactures quality boating apparel.  The following selected financial information for the fiscal year 2020 is...
Annapolis Company manufactures quality boating apparel.  The following selected financial information for the fiscal year 2020 is provided: Item Amount Sales $850,000 Beginning Raw Material Inventory 74,000 Direct Material Purchased 318,000 Factory Overhead 90,000 Finished Goods Inventory - January 1 144,000 Work in Process - January 1 74,000 Work in Process - December 31 98,000 Ending Raw Material Inventory 58,000 Finished Goods Inventory - December 31 168,000 Net Income 65,000 Direct Labor 155,000 Cost of Goods Sold 531,000 Use this information...
The following cost data relate to the manufacturing activities of Black Company during the just completed...
The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs incurred: Property taxes, factory $ 3,000 Utilities, factory 4,900 Indirect labor 9,900 Depreciation, factory 24,000 Insurance, factory 6,000 Total actual manufacturing overhead costs $ 47,800 Other costs incurred: Purchases of raw materials $ 31,900 Direct labor cost $ 41,000 Inventories: Raw materials, beginning $ 8,300 Raw materials, ending $ 6,300 Work in process, beginning $ 5,300 Work in process, ending...
The Solar Clothing Company (SCC) experienced growth in the spring of 2018 as consumer interest in...
The Solar Clothing Company (SCC) experienced growth in the spring of 2018 as consumer interest in solar clothing soared. To accommodate increasing demand, SCC wants to develop plans for expansion. First, however, SCC needs to determine the cost of goods sold for an average sales period to calculate gross profit margin. Use the SCC cost information below to calculate the cost of goods sold for July 2018. SCC Cost Information for July 2018 Direct Materials Inventory July 1, 2018 $1,250,000...
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...
Classifying Costs, Calculating Cost of Goods Manufactured, and Preparing an Income Statement. Madison Company has the...
Classifying Costs, Calculating Cost of Goods Manufactured, and Preparing an Income Statement. Madison Company has the following information available: Cost Amount Cost Amount Factory Utilities 3,000 Depreciation – Factory Equipment 4,000 Factory Maintenance 1,100 Indirect Labor 15,550 Production Supervisor’s Salary 48,990 Direct Labor Wages 50,000 Sales Commissions 14,000 Direct Material Purchases 120,000 President’s Salary 98,000 Depreciation-Office Equipment 2,000 Office Utilities 1,500 Factory Insurance 3,800 Accounts Receivable 12,500 Cash 62,300 Office Salaries 15,650 Factory Rent 17,775 Other information includes: Inventory Beginning...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT