Beginning inventories: Raw materials Work in process Finished goods Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Raw materials purchased on account Raw materials (all direct) requisitioned for use in production Direct labor cost Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured $ 42,000 $ 21,800 $ 38,600 $ 576,000 37,800 direct labor-hours $ 506,000 $ 453,800 $ 592,800 45,900 direct labor-hours $ 133,000 $ 616,000 $ 1,566,000

Beginning inventories: Raw materials Work in process Finished goods Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Raw materials purchased on account Raw materials (all direct) requisitioned for use in production Direct labor cost Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured $ 42,000 $ 21,800 $ 38,600 $ 576,000 37,800 direct labor-hours $ 506,000 $ 453,800 $ 592,800 45,900 direct labor-hours $ 133,000 $ 616,000 $ 1,566,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Crane Company developed the following data for the current year: Beginning work in process inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $ 206000 $568000 $524000 O $318000 O $730000 208000 176000 184000 960000 916000 How much is Crane Company's direct labor cost for the year?
Statement of cost of goods manufactured and income statement for a manufacturing companyThe following information is available for Robstown Corporation for 20Y8:Inventories January 1 December 31Materials $ 44,250 $ 31,700Work in process 63,900 80,000Finished goods 101,200 99,800Advertising expense $ 400,000Depreciation expense—office equipment 30,000Depreciation expense—factory equipment 80,000Direct labor 1,100,000Heat, light, and power—factory 53,300Indirect labor 115,000Materials purchased 556,600Office salaries expense 318,000Property taxes—factory 40,000Property taxes—office building 25,000Rent expense—factory 27,000Sales 3,850,000Sales salaries expense 200,000Supplies—factory 9,500Miscellaneous costs—factory 11,400 Instructions1. Prepare the 20Y8 statement of cost of goods manufactured.2. Prepare the 20Y8 income statement.
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