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 CompanyStatement of Cost of Goods ManufacturedFor the Year Ended December 31 $- Select - $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Total manufacturing costs incurred fill in the blank 22 Total manufacturing costs $fill in the blank 23 - Select - Cost of goods manufactured $fill in the blank 26
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 CompanyStatement of Cost of Goods ManufacturedFor the Year Ended December 31 $- Select - $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Total manufacturing costs incurred fill in the blank 22 Total manufacturing costs $fill in the blank 23 - Select - Cost of goods manufactured $fill in the blank 26
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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,
Prepare a statement of cost of goods manufactured.
Allen CompanyStatement of Cost of Goods ManufacturedFor the Year Ended December 31
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