None Allen Company used $71,000 of direct materials and incurred $37,000 of directlabor costs during the current year. Indirect labor amounted to $2,700, whileindirect materials used totaled $1,600. Other operating costs pertaining to thefactory 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 orending finished goods inventory, but work-in-process inventory began the yearwith a $5,500 balance and ended the year with a $7,500 balance.Prepare a statement of the cost of goods manufactured.

Step 1: Define Cost of Goods ManufacturedThe cost of goods manufactured shows the total expenses…

Answered: Allen Company used $71,000 of direct…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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, 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. Required: Prepare a schedule of cost of goods manufactured. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less” or “Plus” will automatically appear if it is required. You will not need to enter colons (:) on Statement of Cost of Goods Manufactured.
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Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs included factory utilities of $3,100; maintenance on the factory of $4,500; factory supplies of $1,800; depreciation of the factory equipment of $7,900; and property taxes on the factory 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. What is the total overhead?
Statment of the cost of goods manufactured?
The accounting records of Hilltop Ventures revealed the following selected costs: Sales commissions, $65,000; depreciation on factory equipment, $120,000; and administrative expenses, $175,000. What is Hilltop Ventures' period costs total?
Solve this Accounting problem
Steuben Company produces dog houses. During the current year, Steuben Company incurred the following costs: Rent on manufacturing facility $ 250,000 Office manager's salary 150, 000 Wages of factory machine operators 110,000 Depreciation on manufacturing equipment 50,000 Insurance and taxes on selling and administrative offices 30, 000 Direct materials purchased and used 170,000 Based on the above information, which of the following would not be treated as a product cost: Multiple Choice Depreciation on manufacturing equipment Wages of factory machine operators Office manager's salary Rent expense incurred on manufacturing facility Su Ac Su
Larned Corporation recorded the following transactions for the just completed month. a. Purchased $89,000 of raw materials on account. b. $87,000 in raw materials were used in production. Of this amount, $79,000 was direct materials and the remainder was indirect materials. c. Paid employees $118,000 cash. Of this amount, $103,200 was direct labor and the remainder was indirect labor. d. Depreciation of $194,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
During the current accounting period, a manufacturing company purchased P70,000 of raw materials, of which P50,000 of direct materials and P5,000 of indirect materials were used in production. The company also incurred P45,000 of total labor cost and P20,000 of other factory overhead cost. An analysis of the work-in-process control account revealed P40,000 of direct labor cost. Based upon the above information, what is the total amount accumulated in the factory overhead control account? a. P25,000 c. P45,000 b. P30,000 d. P50,000
Larned Corporation recorded the following transactions for the just completed month. a. Purchased $78,000 of raw materials on account. b. $76,000 in raw materials were used in production. Of this amount, $67,000 was direct materials and the remainder was indirect materials. c. Paid employees $124,500 cash. Of this amount, $104,400 was direct labor and the remainder was indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet i i V No 1 2 3 i 4 Transaction a b. C. d Raw materials Work in process Work in process General Journal Accumulated depreciation Debit 78,000 190,000 Credit 78,000 190,000
Larned Corporation recorded the following transactions for the just completed month. a. Purchased $74,000 of raw materials on account. b. $72,000 in raw materials were used in production. Of this amount, $65,000 was direct materials and the remainder was indirect materials. c. Paid employees $120,500 cash. Of this amount, $101,100 was direct labor and the remainder was indirect labor. d. Depreciation of $198,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 $74,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction a. General Journal Debit Credit 7
Larned Corporation recorded the following transactions for the just completed month. $75,000 in raw materials were purchased on account. $73,000 in raw materials were used in production. Of this amount, $64,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $125,000 were paid in cash. Of this amount, $104,600 was for direct labor and the remainder was for indirect labor. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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