Financial Accounting Question please answer Bronson Manufacturing Co. used $85,000 of direct materials andincurred $42,000 of direct labor costs during the current year. Indirectlabor amounted to $3,200, while indirect materials used totalled $2,100.Other operating costs pertaining to the factory included utilities of$4,200, maintenance of $5,300, supplies of $2,400, depreciation of$9,600, and property taxes of $3,200. There was no beginning or endingfinished goods inventory, but work-in-process inventory began the yearwith a $6,000 balance and ended the year with an $8,000 balance.Prepare a statement of the cost of goods manufactured.

Step 1: Define Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) refers to the…

Answered: Bronson Manufacturing Co. used $85,000…

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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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.
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?
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