Dino Company incurred the following costs while manufacturing its products. Salaries paid to sales clerks $46,000 Utilities expense for factory $21,000 Delivery expense 15,100 Property taxes on store 6,200 Factory supplies used 22,000 Depreciation on factory building 45,000 Sales commissions 18,000 Utilities expense for store 12,200 Advertising expense 14,000 Labor costs of assembly-line workers 75,000 Property taxes on factory 8,000 Materials used in production 94,000 On January 1, 2021 the balance of Dino Company's work-in-process inventory was $35,000 and by the end of the year, only $15,000 remained. In the balance sheet at December 31, 2021, the finished goods inventory showed an amount of $55,000 while at the beginning of the year the balance showed $77,000. During 2021, Dino Company sold 1,600 units for $290/unit.

Dino Company incurred the following costs while manufacturing its products. Salaries paid to sales clerks $46,000 Utilities expense for factory $21,000 Delivery expense 15,100 Property taxes on store 6,200 Factory supplies used 22,000 Depreciation on factory building 45,000 Sales commissions 18,000 Utilities expense for store 12,200 Advertising expense 14,000 Labor costs of assembly-line workers 75,000 Property taxes on factory 8,000 Materials used in production 94,000 On January 1, 2021 the balance of Dino Company's work-in-process inventory was $35,000 and by the end of the year, only $15,000 remained. In the balance sheet at December 31, 2021, the finished goods inventory showed an amount of $55,000 while at the beginning of the year the balance showed $77,000. During 2021, Dino Company sold 1,600 units for $290/unit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

: Use T-accounts to show the flow of costs in g system Which accounts are the inventory accounts? (check all that apply) Direct Labor Raw Materials Work in Process Partially Finished Goods Finished Goods Cost of Goods Sold SUBMIT
Give the journal entry for raw materials product on account. Explain how this transaction affects the accounting equation
A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work in Process inventory account and then into the Finished Goods inventory account beforeappearing on the income statement as part of Cost of Goods Sold.
Requirement 3. Calculate the cost of goods sold for each company Begin by calculating the cost of goods sold for Company A.
Product costs … a. are costs that are included in the determining the value of the inventory. b. are all of these. c. prime costs d. include direct materials, direct labor, and overhead e. are manufacturing costs.
Inventory for a manufacturer consists of raw materials, work in process, and finished goods. Describe about it.
Which of the following accounts would be debited in the journal entry to record the issuance of direct materials? O A. Cost of Goods Sold O B. Finished Goods Inventory OC. Raw Materials Inventory O D. Work-in-Process Inventory
Product costs are: * Treated in the same manner as period costs Subtracted from cost of goods sold Inventoried Expensed when incurred
For a merchandiser, the term "inventory" refers to O A. raw materials that are used for production O B. equipment that is used in the production process OC. the cost of goods sold. O D. goods held for sale to customers
Product costs are: Treated in the same manner as period costs Subtracted from cost of goods sold Inventoried Expensed when incurred
9. The entry to record a transfer of direct materials for use in production would include a debit to which account? O finished goods inventory O materials inventory O work-in-process inventory O cost of goods manufactured
Distinguish between manufacturing & non-manufacturing overhead (product versus period costs)2) Classify costs as prime costs or conversion costs3) Prepare a statement of cost of goods manufactured, clearly showing total manufacturing costs &total manufacturing costs to account for.4) Prepare an income statement for a manufacturing entity, clearly showing Cost of Goods Sold.5) Explain the difference between the income statements of a merchandiser & a manufacturer