Give correct answer this general accounting question 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: Calculation of Manufacturing OverheadManufacturing Overhead = Indirect Labor + Indirect…

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.
Bellmont Manufacturing used
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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?
Horizon Tech reported a cost of goods manufactured of $450,000, with the year- end balance sheet showing work in process of $85,000 and finished goods of $140,000. Additional information disclosed raw materials used in the production amounting to $75,000, direct labor of $120,000, and manufacturing overhead totaling $210,000. Furthermore, Horizon Tech spent $6,000 on employee recreational activities during the year. What must have been the company's beginning work in process? Orion Enterprises reported a cost of goods manufactured of $540,000. The firm's year-end balance sheet revealed work in process and finished goods inventory amounts of $92,000 and $144,000, respectively. Additional information disclosed raw materials used of $95,000, direct labor of $150,000, and manufacturing overhead of $250,000. Moreover, the company spent $7,000 on marketing and advertising during the year. What must have been the company's beginning work in process? A. $125,000 B. None of the other answers…
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $55,000. 2. Raw Materials of $36,400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,100 was classified as indirect materials. 3. Factory labor costs incurred were $61,000, of which $51,600 pertained to factory wages payable and $9,400 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $6,700 was indirect labor. 5. Manufacturing overhead costs incurred on account were $82,100. 6. Depreciation on the company’s office building was $8,400. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $90,200 were completed and transferred to finished goods. 9. Finished goods costing $85,000 to manufacture were sold on account for $108,200. Journalize the transactions. (Credit account titles are automatically…
During the current year, CF Manufacturing Co. incurred $370,000 of indirect labor costs, $15,000 of indirect materials costs, and $163,000 of other overhead costs. It also incurred $125,000 in rent costs on a warehouse for storing finished goods. What amount did CF Manufacturing assign to the Work in Process Inventory account from the Manufacturing Overhead account?
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.)
During the current month, Wacholz Company incurs the following manufacturing costs. (a) Purchased raw materials of $ 18,000 on account. (b) Incurred factory labor of $ 40,000. Of that amount, $ 31,000 relates to wages payable and $ 9,000 relates to payroll taxes payable. (c) Factory utilities of $ 3,100 are payable, prepaid factory property taxes of $ 2,700 have expired, and depreciation on the factory building is $ 9,500. Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (Purchases of raw materials on account) (b) (To record factory labor costs) (c) (To record overhead costs)
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $ 46,300. 2. Raw Materials of $ 36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $ 6,800 was classified as indirect materials. 3. Factory labor costs incurred were $ 59,900, of which $ 51,000 pertained to factory wages payable and $ 8,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $ 54,000 was direct labor and $ 5,900 was indirect labor. 5. Manufacturing overhead costs incurred on account were $ 80,500. 6. Depreciation on the company’s office building was $ 8,100. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $ 88,000 were completed and transferred to finished goods. 9. Finished goods costing $ 75,000 to manufacture were sold on account for $ 103,000. Journalize the transactions. (Credit account…
Opal Company used $213,000 of direct materials and incurred $111,000 of direct labor costs during 2018. Indirect labor amounted to $8,100 while indirect materials used totaled $4,800. Other operating costs pertaining to the factory included utilities of $9,300; maintenance of $13,500; repairs of $5,400; depreciation of $23,700; and property taxes of $7,800. There was no beginning or ending finished goods inventory. The Work-in-Process Inventory account reflected a balance of $16,500 at the beginning of the period and $22,500 at the end of the period. Required: Prepare a schedule of the cost of goods manufactured for Opal Company using the format below. COST OF GOODS MFGD Beginning Work-in-Process Inventory Direct Materials Used Direct Labor Manufacturing Overhead: Indirect Labor Indirect Materials Utility Expenses Maintenance Repairs…
ABC Company's accounting records for 2019 indicated the following costs had been incurred: Direct materials purchased $1,24,000 Depreciation, factory equipment 30,000 Direct labor 97,000 Utilities 18,000 Sales commissions 65,000 Indirect materials 25,000 Depreciation, office equipment 17,000 Production supervisor's salary 76,000 Advertising 61,000 60% of the utilities relate to the factory while 40% of the utilities relate to the general office building. Calculate the total period costs incurred during 2019.

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