22-25) Millworks Company manufactured 100,000 units in 2018 and reported the following costs:$ 32,000320,00022,400Indirect manufacturing labor 275,200Direct manufacturing labor 2,176,000348,000672,0001,280,00096,000Leasing costs-plantDepreciation-equipmentProperty taxes-equipmentFire insurance-equipmentDirect material purchasesDirect materials, 12/31/18Sales revenue$ 384,000224,00032,00016,0003,140,000280,00012,800,000640,000576,000SandpaperMaterials handlingCoolants & lubricantsDirect materials, 1/1/18Finished goods, 1/1/18Finished goods, 12/31/18Work-in-process, 1/1/18Work-in-process, 12/31/18Sales commissionsSales salaries480,000800,00064,000Advertising costsAdministration costsRequired:What is the amount of direct materials used during 2018?What manufacturing costs were added to WIP during 2018?What is cost of goods manufactured for 2018?What is cost of goods sold for 2018?a.b.с.d.

Name: 22-25) Millworks Company manufactured 100,000 units in 2018 and repor
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Description: 22-25) Millworks Company manufactured 100,000 units in 2018 and reported the following costs:$ 32,000320,00022,400Indirect manufacturing labor 275,200Direct manufacturing labor 2,176,000348,000672,0001,280,00096,000Leasing costs-plantDepreciation-eq

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$ 32,000 320,000 22,400 $ 384,000 224,000 32,000 16,000 3,140,000 280,000 12,800,000 640,000 576,000 480,000 800,000 Sandpaper Materials handling Coolants & lubricants Leasing costs-plant Depreciation-equipment Property taxes-equipment Fire insurance-equipment Direct material purchases Direct materials, 12/31/18 Indirect manufacturing labor 275,200 Direct manufacturing labor 2,176,000 Direct materials, 1/1/18 Finished goods, 1/1/18 Finished goods, 12/31/18 Work-in-process, 1/1/18 Work-in-process, 12/31/18 348,000 672,000 1,280,000 96,000 64,000 Sales revenue Sales commissions Sales salaries Advertising costs Administration costs Required: a. What is the amount of direct materials used during 2018? b. What manufacturing costs were added to WIP during 2018? c. What is cost of goods manufactured for 2018?

$ 32,000 320,000 22,400 $ 384,000 224,000 32,000 16,000 3,140,000 280,000 12,800,000 640,000 576,000 480,000 800,000 Sandpaper Materials handling Coolants & lubricants Leasing costs-plant Depreciation-equipment Property taxes-equipment Fire insurance-equipment Direct material purchases Direct materials, 12/31/18 Indirect manufacturing labor 275,200 Direct manufacturing labor 2,176,000 Direct materials, 1/1/18 Finished goods, 1/1/18 Finished goods, 12/31/18 Work-in-process, 1/1/18 Work-in-process, 12/31/18 348,000 672,000 1,280,000 96,000 64,000 Sales revenue Sales commissions Sales salaries Advertising costs Administration costs Required: a. What is the amount of direct materials used during 2018? b. What manufacturing costs were added to WIP during 2018? c. What is cost of goods manufactured for 2018?

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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