12144SE34ASAde38tab85***caps lockWR93*20000000F675-959-005-19eso***ZWA*8#624Question 2 of 30View PoliciesCurrent Attempt in Progress996RADYWSBlossom Corporation incurred the following costs while manufacturing its product.Materials used in productDepreciation on factoryProperty taxes on storeLabor costs of assembly-line workersFactory supplies usedAdvertising expenseProperty taxes on factoryDelivery expenseSales commissionsSalaries paid to sales clerksX(a)3Compute cost of goods manufactured.unogeyMESUNTER ON SUOROPUMARECost of goods manufacturedD1444CWork in process inventory was $21,600 at January 1 and $12,400 at December 31. Finished goods inventory was $52,000 at January1 and $40,480 at December 31. (Assume all raw materials used were direct materials.)95MINEAR>96%tous squared Andainyna pe care5VTSANS MANG6B$100,000Y&H48,00076,00088,00018,40036,00015,20016,80028,00040,000N¹ *8J6Mhp.959Kpore Do00MARIA GUERZASALD MINE FINANCIAL CORPPO BOX 9240MOBILE AL 36601-62486.CLARKSTON, CA 2042P201944diba11**prt scJU1Kpausebackspace**********BRE **********844*3*THIS IS YOGA PAscr ikERCESBREA*****enterInsert*****#ABeFdeleteT shift:60pause*********ER4homeclearend4.****

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Description: 12144SE34ASAde38tab85***caps lockWR93*20000000F675-959-005-19eso***ZWA*8#624Question 2 of 30View PoliciesCurrent Attempt in Progress996RADYWSBlossom Corporation incurred the following costs while manufacturing its product.Materials used in productDe

The cost of goods manufactured is the total cost of producing the goods. It includes direct material…

Business

Accounting

Blossom Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks $100,000 48,000 6,000 88,000 18,400 36,000 15,200 16,800 28,000 40,000 27 Work in process inventory was $21,600 at January 1 and $12,400 at December 31. Finished goods inventory was $52,000 at January 1 and $40,480 at December 31. (Assume all raw materials used were direct materials.)

Blossom Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks $100,000 48,000 6,000 88,000 18,400 36,000 15,200 16,800 28,000 40,000 27 Work in process inventory was $21,600 at January 1 and $12,400 at December 31. Finished goods inventory was $52,000 at January 1 and $40,480 at December 31. (Assume all raw materials used were direct materials.)

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Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure. 

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.

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What about the cost of goods sold?

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Freeman Furnishings has summarized its data as shown: Depreciation of factory building $77,500 Factory real estate taxes $15,000 Factory utility expenses Indirect materials $85,000 $32,000 $25,000 $84,000 Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw material purchased Raw material, beginning Inventory Raw material, ending Inventory Work in process, beginning Inventory Work in process, ending Inventory Estimated overhead Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. x 21,500 22,000 $370,000 $40,000 $29,000 $52,000 $67,000 $247,500