Answered: Cost data for Firetree Manufacturing…

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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Question

Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $224,000 $199,360 Work in process 147,840 131,580 Finished goods 116,480 135,560 Line Item Description Amount Direct labor $403,200 Materials purchased during March 430,080 Factory overhead incurred during March: Line Item Description Amount Indirect labor 43,010 Machinery depreciation 25,980 Heat, light, and power 8,960 Supplies 7,170 Property taxes 6,270 Miscellaneous costs 11,650 Question Content Area a. Prepare a cost of goods manufactured statement for March. Firetree Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Costs Type Amount Amount Amount $- Select - Direct materials: $- Select - - Select - $- Select - - Select - $- Select - - Select - Factory overhead: $- Select - - Select - - Select - - Select - - Select - - Select - Total factory overhead Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs incurred during March Total manufacturing costs $Total manufacturing costs - Select - Cost of goods manufactured $Cost of goods manufactured Question Content Area b. Determine the cost of goods sold for March. fill in the blank 1 of 1$