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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, 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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, 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
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