Darwin Company reports the following information: Sales Direct materials used Depreciation on factory equipment Indirect labor Direct labor Factory rent Factory utilities Sales salaries expense Office salaries expense Indirect materials Product costs are Oa. $35,000 Ob. $30,300 Oc. $24,500 Od. $29,200 $76,500 7,300 4,700 5,900 10,500 4,200 1,200 15,600 8,900 1,200

Darwin Company reports the following information: Sales Direct materials used Depreciation on factory equipment Indirect labor Direct labor Factory rent Factory utilities Sales salaries expense Office salaries expense Indirect materials Product costs are Oa. $35,000 Ob. $30,300 Oc. $24,500 Od. $29,200 $76,500 7,300 4,700 5,900 10,500 4,200 1,200 15,600 8,900 1,200

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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The following cost data were taken from the records of a manufacturing company: Depreciation on factory equipment Depreciation on sales office Advertising Freight-out Wages of production workers Raw materials used P 1,000,000 500,000 7,000,000 3,000,000 28,000,000 47,000,000 Sales salaries and commissions 10,000,000 2,000,000 Factory rent Factory insurance Supervisor's salary Administrative salaries 500,000 1,500,000 2,000,000 Based upon the above information, the manufacturing costs incurred during the year were?
Please answer required a,b
Related Data of Clarisse Company: Direct materials 385,000 Dircet Labor 318,900 Indirect materials 12,500 Other factory expenses 35,400 Selling expenses 125,000 Administrative expenses 85,000 Depreciation expense - Head office 20,000 Depreciation expense - factory 30,000 Salaries expense - head office 350,000 Salaries expense - factory officers 200,000 How much is the total period costs?
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The following transaction occured in production department of NGV Company. 1. Direct material purchased on credit 25,000 2. All materials used in production department 3. Direct labor cost incurred was 9,000 4. Overhead applied to production department was 22,000 5. Units completed were of worth 55,000 6. Units sold were costing 45,500 NGV uses backflush costing method. Required: a. Calculate finished goods inventory b. Calculate the work in process inventory c. Prepare the T accounts and post all necessary entries based on the above transactions.
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Here is selected data for Lori Corporation: Cost of raw material purchased Cost of requisitioned direct materials Cost of requisitioned indirect materials Direct labor Manufacturing overhead incurred Cost of goods completed Cost of goods sold $77,000 43,000 3,000 80,000 100,000 233,500 OA. credit to Work-in- Process Inventory account for $237,500 OB. debit to Finished Goods Inventory account for $237,500 OC. debit to Finished Goods account for $233,500 OD. debit to Work-in-Process Inventory account for $233,500 142,000 17,000 32,000 35,000 130% Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Manufacturing overhead allocation rate (based on direct labor) The journal entry to transfer completed goods to the finished goods inventory account would include a
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