e following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 1 Materials used in production (including $52,800 of indirect materials) $616,000.00 2 Direct labor (including $83,800 maintenance salaries) 565,500.00 3 Factory overhead: 4 Supervisor salaries 521,000.00 5 Heat, light, and power 140,800.00 6 Sales salaries 347,800.00 7 Promotional expenses 320,000.00 8 Insurance and property taxes—plant 151,500.00 9 Insurance and property taxes—corporate offices 218,600.00 10 Depreciation—plant and equipment 124,750.00 11 Depreciation—corporate offices 85,000.00 12 Total $3,090,950.00 Evaluate and correct this report. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Labels and Amount Descriptions Labels For the Month Ended June 30 For the Quarter Ended June 30 For the Year Ended June 30 Amount Descriptions Cost of direct materials used in production Depreciation-corporate offices Depreciation-plant and equipment Direct labor Heat, light, and power Indirect materials Insurance and property taxes-corporate offices Insurance and property taxes-plant Maintenance salaries Materials used in production (including indirect materials) Promotional expenses Sales salaries Supervisor salaries Total manufacturing costs incurred Manufacturing Costs Evaluate and correct this report. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Marching Ants Inc. Manufacturing Costs 1 2 3 Factory overhead: 4 5 6 7 8 9 10
e following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 1 Materials used in production (including $52,800 of indirect materials) $616,000.00 2 Direct labor (including $83,800 maintenance salaries) 565,500.00 3 Factory overhead: 4 Supervisor salaries 521,000.00 5 Heat, light, and power 140,800.00 6 Sales salaries 347,800.00 7 Promotional expenses 320,000.00 8 Insurance and property taxes—plant 151,500.00 9 Insurance and property taxes—corporate offices 218,600.00 10 Depreciation—plant and equipment 124,750.00 11 Depreciation—corporate offices 85,000.00 12 Total $3,090,950.00 Evaluate and correct this report. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Labels and Amount Descriptions Labels For the Month Ended June 30 For the Quarter Ended June 30 For the Year Ended June 30 Amount Descriptions Cost of direct materials used in production Depreciation-corporate offices Depreciation-plant and equipment Direct labor Heat, light, and power Indirect materials Insurance and property taxes-corporate offices Insurance and property taxes-plant Maintenance salaries Materials used in production (including indirect materials) Promotional expenses Sales salaries Supervisor salaries Total manufacturing costs incurred Manufacturing Costs Evaluate and correct this report. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Marching Ants Inc. Manufacturing Costs 1 2 3 Factory overhead: 4 5 6 7 8 9 10
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Question
The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc.
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Marching Ants Inc.
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|
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For the Quarter Ended June 30
|
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1
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Materials used in production (including $52,800 of indirect materials)
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$616,000.00
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2
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Direct labor (including $83,800 maintenance salaries)
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565,500.00
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3
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Factory
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4
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Supervisor salaries
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521,000.00
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5
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Heat, light, and power
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140,800.00
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6
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Sales salaries
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347,800.00
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7
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Promotional expenses
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320,000.00
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8
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Insurance and property taxes—plant
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151,500.00
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9
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Insurance and property taxes—corporate offices
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218,600.00
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10
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124,750.00
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11
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Depreciation—corporate offices
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85,000.00
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12
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Total
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$3,090,950.00
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Evaluate and correct this report. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
Labels and Amount Descriptions
| Labels | |
| For the Month Ended June 30 | |
| For the Quarter Ended June 30 | |
| For the Year Ended June 30 | |
| Amount Descriptions | |
| Cost of direct materials used in production | |
| Depreciation-corporate offices | |
| Depreciation-plant and equipment | |
| Direct labor | |
| Heat, light, and power | |
| Indirect materials | |
| Insurance and property taxes-corporate offices | |
| Insurance and property taxes-plant | |
| Maintenance salaries | |
| Materials used in production (including indirect materials) | |
| Promotional expenses | |
| Sales salaries | |
| Supervisor salaries | |
| Total manufacturing costs incurred |
Manufacturing Costs
Evaluate and correct this report. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading.
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Marching Ants Inc.
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Manufacturing Costs
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1
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2
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3
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Factory overhead:
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4
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5
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6
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7
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8
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9
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10
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