I am trying to find the accurate solution to this general accounting problem with the correct explanation. Chimamanda Industries used $98,500 of direct materialsand incurred $56,200 of direct labor costs during thecurrent year. Indirect labor amounted to $4,800, whileindirect materials used totaled $3,400. Other operatingcosts pertaining to the factory included utilities of $5,300,maintenance of $6,100, supplies of $3,200, depreciationof $9,700, and property taxes of $4,500. There was nobeginning or ending finished goods inventory, but work-in-process inventory began the year with a $7,900balance and ended the year with a $9,100 balance.Prepare a statement of the cost of goods manufactured.(In table format)

Meaning of Cost of Goods Manufactured (COGM):Cost of Goods Manufactured (COGM) represents the total…

Answered: Chimamanda Industries used $98,500 of…

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
Please provide accurate answer
Statment of the 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?
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. $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.)
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…
The accounting records of Summit Enterprises revealed the following selected costs: Sales commissions, $50,000; depreciation on factory equipment, $130,000; and administrative expenses, $140,000. What is Summit Enterprises' period costs total? The accounting records of Evergreen Corporations revealed the following selected costs: Sales commissions, $72,000; depreciation on office building, $90,000; and administrative expenses, $160,000. What is Evergreen Corporations' period costs total? The accounting records of Blue Horizon Ltd. revealed the following selected costs: Sales commissions, $45,000; advertising expenses, $100,000; and administrative expenses, $155,000. What is Blue Horizon Ltd.'s period costs total? The accounting records of Mountain Ridge Inc. revealed the following selected costs: Sales commissions, $60,000; insurance on factory machinery, $75,000; and administrative expenses, $180,000. What is Mountain Ridge Inc.'s period costs total? The accounting records of Sunset…
Crane incurred the following costs while manufacturing its product: Materials used in production, $144000; factory depreciation, $84000; property taxes on the administrative offices, $36000; labor costs of assembly-line workers, $119000; factory supplies used, $32000; advertising expense, $37000; property taxes on the factory, $44000; delivery expense, $47000; salaries of the sales staff, $77000; and sales commissions, $41000. The total product costs for Crane are O $583000. O $459000. O $661000. O $423000. Toxtbook and Media
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?
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.

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